SEBI, Sahara, 2G, mining, Vodafone dominated SC in 2012
Severe jolt to Sahara Group, strict scrutiny of mining activities and scrapping of licences for 2G spectrum dominated the corporate legal battle in 2012 in the Supreme Court which gave a decisive victory to telecom major Vodafone in a Rs 11,000 crore tax case.
The apex court allowed Vodafone International Holdings' appeal against the Bombay High Court decision and held that the telecom giant's transaction with Hong Kong-based Hutchison Group was a "bonafide" FDI which fell outside the tax jurisdiction of the Indian authorities and cannot be termed as a "sham" deal entered into with an attempt to avoid tax.
While Vodafone was rejoicing its victory, the Income Tax department worked hard to get the verdict over-turned but failed to get any relief as the apex court rejected its plea for review of the January 20 judgement.
On other front, it was a lost battle for Sahara Group which on August 31 was directed to refund around Rs 24,000 crore to their investors within three months with 15 per cent interest per annum. The apex court said that if the companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--fail to refund the amount then SEBI can attach properties and freeze bank accounts of the companies.
Attempts to get extension to comply with the directions ultimately bore some results when a bench headed by Chief Justice Altamas Kabir modified the directions passed by another bench and granted time till first week of February to refund the money. However, one judgement which gave
