SC directs Sahara to reveal source of Rs 22k cr repaid to investors
More trouble brewing is for the Sahara group as Supreme Court has directed the business group to reveal the source of Rs 22,0000000000 which the company returned to its investors.
More trouble brewing is for the Sahara group as Supreme Court has directed the business group to reveal the source of Rs 22,0000000000 which the company returned to its investors. The apex court rapped the Subrata-Roy led Sahara group for its 'obnoxious behaviour' and asked it to provide the details of all the funds it claims to paid to its investors. The details have to be provided to the court as well as Securities and Exchange Board of India (SEBI). In September 2012, the Supreme Court ordered Sahara to refund Rs. 24,0000000000 to millions of small investors. The court had ruled that the finance schemes run by two Sahara companies were illegal - confirming an earlier order by Sebi. The court today warned Sahara to comply with its orders and also said that the court has showed maximum indulgence to the business group but it has not received any co-operation in return. If Sahara ignores the orders this time around, then the court will order the Registrar of Companies to find the source of funds and direct CBI to investigate where the money came from and where it went. "...if you are not willing to inform the source we will order investigation. We will summon CBI and Registrar of Companies. Don't think we are helpless. We have given you a long rope," the Supreme Court said. Sebi's conselArvind Datar also pointed out that all the property titles are shaky. Aamby Valley project in Maharashtra is riddled with litigation and the deeds are not only bogus but also overvalued, Datar pointed out. In a huge blow to Sahara, Supreme Court has also asked it to publish apologies in leading newspapers as the company had earlier put out long articles suggesting injustice was being done to it in the court. Meanwhile, the Supreme Court order barring Sahara chief Subrata Roy from leaving the country would continue. The top court will take up the case on January 28.