Two Sahara group firms move SC, files contempt plea against SEBI – Times of India

NEW DELHI: Two Sahara group firms have moved the Supreme Courtroom in search of initiation of contempt proceedings towards SEBI alleging that the market regulator’s demand of Rs 62,602 crore from them was not “solely contemptuous however a mischievous try” to overreach the instructions of the apex court docket.
SEBI had moved the apex court docket in search of route to the companies to pay the quantity in compliance with the court docket’s earlier orders, failing which the group’s chief Subrata Roy be taken into custody.
Sahara India Actual Property Company Ltd (SIRECL) and Sahara Housing Funding Company Ltd. (SHICL), of their contempt plea have alleged “gross, blatant and willful disobedience of the instructions” of the highest court docket by SEBI.
It mentioned that the demand of SEBI asking the companies to deposit Rs 62,602 Crores was in violation of the precise instructions of the apex court docket in its order of February 06, 2017 that at current solely the principal quantity is to be involved and the problem of curiosity might be adverted to later.
It mentioned that SEBI’s motion of demanding cash and submitting of contempt towards Sahara companies was “not solely contemptuous however a mischievous try and overreach the instructions of this court docket” and it was an try and “mislead the apex court docket and to trigger public outrage towards Sahara”.
The Sahara companies, of their contemporary plea, has made SEBI and its chairman Ajay Tyagi and two others as events and accused them of violating numerous orders of the apex court docket.
“It’s within the circumstances, the petitioners search indulgence of this court docket to provoke contempt proceedings towards the respondents (SEBI) for gross, blatant and willful disobedience of the instructions of this court docket vide judgement and order dated 31.08.2012; and order dated 05.12.2012, and for obstructing the administration of justice; and to direct SEBI to discharge its obligations and implement the instructions of this court docket, within the curiosity of full justice.
“Additionally, the applying most popular by SEBI in search of deposit of Rs 62,602 crores regardless of particular instructions of this court docket vide order dated 06.02.2017 that at current solely the principal quantity is to be involved with and concern of curiosity might be adverted to later; shouldn’t be solely contemptuous however a mischievous try and overreach the instructions of this court docket. As such, the respondents are in contempt of the order dated 31.08.2012, 05.12.2012 and the order dated 06.02.2017 handed by this court docket,” the Sahara companies mentioned within the plea.
The plea mentioned that the apex court docket, in its order dated of February 6, 2017, had directed that it’s involved with the principal quantity and the problem of curiosity shall be adverted to later however SEBI in utter disregard of the instructions has been together with curiosity quantity.
The plea mentioned that it appeared SEBI has developed sure vested pursuits to evade the verification train on flimsy pretexts.
“As on date, an quantity of Rs 22,500 Crores is mendacity in the SEBI-Sahara Refund Account towards the principal quantity of Rs 24029.73 crores; which means Sahara is meant to deposit solely Rs 1,529 crores in direction of principal quantity,” it mentioned.
For greater than eight years have handed and but SEBI has not performed the train of verification of three.03 crores buyers and refund, which is vital for the curiosity of the buyers and backbone on SEBI-Sahara dispute, the businesses mentioned.
SEBI had mentioned that the companies have been in “gross violation” of varied orders handed by the court docket relating to the deposit of complete quantity collected together with the curiosity.
On January 24, the highest court docket had exempted Roy and two different administrators from private look until “additional orders” in a case associated to their alleged failure in depositing over Rs 25,700 crore within the Sebi-Sahara account for returning buyers’ cash.
The highest court docket, on January 31 final yr, had directed Roy and two different administrators, Ravi Shankar Dubey and Ashok Roy Choudhary, to personally seem earlier than it “to allow the court docket to cross acceptable orders in order that the regulation can take its personal course and attain the specified conclusion”.
It had mentioned that the efforts of the Sahara group to pay again didn’t “encourage the boldness of the court docket” as its order for deposit of over Rs 25,700 crore has not been complied with thus far.
Roy was despatched to the Tihar Jail by the apex court docket on March 4, 2014 and got here out on parole after spending over two years in jail on Could 6, 2016 to carry out the final rites of his mom Chhabi Roy. He has been out of jail since then.
Earlier, the apex court docket had famous that the Sahara group has already deposited round Rs 20,000 crore within the Sebi-Sahara account, which incorporates Rs 15,000 crore principal quantity and Rs 4,800 crore curiosity.
In July 2018, the auctioning means of Sahara group’s prized Aamby Valley properties was delay by the highest court docket after it was knowledgeable that the public sale discover didn’t elicit any response from potential patrons.
Roy and two different administrators have been arrested for failure of the group’s two firms – SIRECL and SHICL – to adjust to the court docket’s August 31, 2012 order to return Rs 25,000 crore to their buyers.

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