SC raps Sahara Group for dragging feet on refunds

Dec 04 2012, 02:21 IST
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SummaryThe Supreme Court on Monday pulled up the Sahara Group for not refunding Rs 27,000 crore to its investors within the specified time-frame. A bench headed by chief justice Altamas Kabir also asked Sahara senior counsel Gopal Subramaniam to inform by Tuesday whether the group would be able to repay its investors within a week.

seeking account details of the companies and writing to secretaries of two states inquiring about the firms' moveable and immoveable assets.

Reading the said letter in its entirety, it is clear that Sebi is taking steps towards attachment of assets/accounts on the basis that the appellants are in non-compliance of the August 31 judgment and that, as per the said judgment, the market regulator is entitled to attach /sell assets/accounts of the appellants, the Sahara firms said in their appeal.

While Sebi has filed a contempt of court application with the Supreme Court against Sahara for violating court orders, the latter had filed a review plea.

Sahara and Sebi have since been at loggerheads over the modalities of payment. Sahara claimed that it had handed over all papers related to its investors within the stipulated time, while Sebi claims that it was yet to receive the necessary documents.

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