SC raps Sahara for not refunding investors

Dec 04 2012, 01:15 IST
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SummarySay Sahara approaching SAT was ‘unfortunate’

The Supreme Court on Monday censured the Sahara group over its “shady” conduct in not refunding Rs 27,000 crore to the investors within time and sought categorical answer if they would be able to refund the entire amount to the investors within a week.

“You are not entitled to any hearing. Your intention is very shaky. Your every step is shaky. You cannot interpret our order according to your need,” remarked a Bench led by Chief Justice Altamas Kabir.

The court also expressed its displeasure against Sahara for approaching Securities Appellate Tribunal even after the apex court had passed the final order. “You did not implement our order and went to other forum. It is unfortunate,” said the bench.

It, however, agreed to hear the matter saying that concern for the common investors is more important and asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to tell by Tuesday whether they would be able to refund the entire amount to the investors within a week.

The market regulator Sebi insisted that strong action be taken against the group’s companies and said that it has also filed a contempt petition against them. The bench, however, said it is more concerned about the common man, who has invested his money in the companies. “If you want us to send them to jail, we would send them, but we are more concerned about the investments made by the common man,” it added.

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