The Supreme Court of India severely criticized Sahara Groups for not refunding Rs. 27,000-Crore to its investors. SC further ordered the Sahara Groups to refund the amount to the investors within a week.
Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) were given a fine of Rs. 27,000-Crore. The group was ordered to refund the amount collected from nearly 3-Crore investors. The Supreme Court found out that the order is not yet accomplished by Sahara Groups.
An SC bench headed by Chief Justice Altamas Kabir asked Sahara groups to state whether they would be able to refund the entire amount within a week’s time.
Chief Justice Kabir, harshly criticizing the Sahara Groups, told that the groups’ plea was not worth hearing. The SC bench further stated that the SC orders cannot be interpreted variously. The SC Bench severely condemned Sahara Groups for not executing its order.
Senior advocate Gopal Subramaniam’s efforts to justify the group’s failure were put down by the SC Bench. The bench strongly refuted him and said that his effort to justify conduct of the group- which he presents- was not justifiable in itself. However the SC Bench allowed one more day to Sahara Groups to state whether they are capable of refunding the amount or not.
SEBI- the national Market regulator Securities Exchange also stood against Sahara Groups. SEBI informed the Apex Court that they have also filed a petition against the groups. Further it demanded strong action against Sahara. Confronting the SEBI’ views the bench said that it was more concerned about the common people who have invested in these groups.
Chief Justice Kabir lost his cool when senior advocate Mukul Rohatgi stood up to argue. Mr. Rohatgi appeared for the other Sahara firm. Chief Justice Kabir made him sit down without allowing him to argue.