End relief to Sahara group, SEBI tells SC
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The Securities and Exchange Board of India (SEBI) has requested the Supreme Court to reduce quick the “long rope” given to the Sahara group and direct it to cough up ₹62,602.90 crore in dues or ship its chief, Subrata Roy, to jail for contempt.
SEBI, represented by legislation agency M/s K.J. John & Co, has filed a contempt petition within the apex court docket. The firms, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL), are respondents within the case together with Mr. Roy.
“Direct the Saharas to forthwith deposit the balance amount of ₹62,602.90 crore as on September 30, failing which the contemnors [Roy and the two companies] may be directed to be taken into custody as directed by the Supreme Court in a judgment on June 15, 2015,” the 59-page SEBI software stated.
SEBI knowledgeable the court docket concerning the growing legal responsibility of the businesses in the direction of buyers. They haven’t bothered to adjust to the court docket’s orders to deposit the dues regardless of the a number of extensions granted to them by the court docket over the previous few years.
In truth, SEBI stated Mr. Roy and the opposite contemnors are “enjoying their release from custody” by the Supreme Court in May 2016.
SEBI made it clear that Mr. Roy undoubtedly “controls” the Sahara group. It stated the apex court docket had stated as a lot in an order in May 2014. The markets regulator stated the contemnors have been appearing in “gross violation” of the apex court docket orders. Besides, they haven’t bothered to reveal data, or furnish explanations to the SEBI.
SEBI recounted how the Supreme Court itself, in an order in August 2012, had noticed that there was a “possibility of a pre-planned attempt at the hands of the appellant companies to by-pass the regulatory and administrative authority of the applicant (SEBI)… Sahara India group has done the same”.
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