SC asks Sebi why delay in action against Sahara

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SummaryContempt notices issued to 2 group cos, MD & 3 directors.

told the court that Sahara had failed to comply with the deadline set by another bench headed by Chief Justice Altamas Kabir on December 5, which gave the group time till February 2013 to pay the amount. The Chief Justice’s bench had asked Sahara to pay Rs 5,120 crore upfront and the balance in two instalments — Rs 10,000 crore in the first week of January and the rest in the first week of February.

However, Sahara told the court that it has already paid Rs 5,120 crore, although it was to pay only Rs 2,620 crore, thus having made an extra payment of Rs 2,500 crore “to provide buffer, if there are any miscalculations”.

Senior counsel Ram Jethmalani argued that Sahara on December 10 had sent 127 truckloads of documents, containing more than 31,500 cartons, relating to redemptions made to 3.3 crore investors.

However, the bench asked why it took the companies so long to give proof. “Documents were available with you. You should have handed them over,” Justice Khehar said.

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