Sebi free to freeze accounts, seize properties of Sahara Group companies: SC
In stinging observations against the companies, the court had said that such economic offences must be dealt with "iron hand".
The Sahara group, on the other hand, justified its stand on not refunding the amount and said that large portion of the amount has already been redeemed to investors before the judgement was delivered.
Senior advocate Ram Jethmalani, appearing for the companies, said that nothing is due and it is difficult to deposit Rs 10,000 crore.
The apex court was hearing market regulator SEBI's contempt petition against SIREC and SHIC.
Earlier, the Group had on December 5 got nine weeks time from the Supreme Court to pay back Rs 24,000 crore with 15 per cent interest to over three crore investors in its two companies, with an immediate upfront payment of Rs.5,120 crore.
A bench headed by Chief Justice Altamas Kabir had ordered the Group to immediately hand over a demand draft of Rs 5,120 crore to SEBI and said the balance amount shall be deposited with the market regulator in two instalments to be cleared by early February.
SIREC had collected Rs.19,400.87 crore on March 13, 2008 and SHICL had collected Rs 6,380.50 crore. But the total balance on August 31 is Rs 24,029.73 crore after premature redumption.
The group might have to fork out around Rs 38,000 crore as of now which includes the principal
Be the first to comment.