Stop playing hide and seek and explain source of funds: SC to Sahara

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SummarySC has asked Subrata Roy-led group to furnish details of source of funds amounting to Rs 19k cr.

Coming down heavily on the Sahara Group for playing “hide and seek game”, the Supreme Court on Wednesday asked the Subrata Roy-led group to furnish details of the source of funds amounting to Rs 19,000 crore, which it claims to have refunded to its 3.3 crore investors prior to the August 31, 2012 judgment.

It also declined the group's request to lift the order that restrained Roy and other directors from travelling abroad. Besides, the apex court also rejected the groups' plea to de-freeze the bank accounts of group companies as ordered by Sebi earlier this year.

A bench comprising justices KS Radhkrishnan and JS Khehar minced no words in warning the group to mend its ways and stop playing “hide and seek game.” It flayed the group for running an advertisement alleging “witch hunt” by Sebi and public statements calling the market watchdog a “sarkari gunda”.

“It is a statutory body doing its duties. Sebi is fulfilling its duties to implement our orders. It is our order. This is indirectly telling us... This will not take you anywhere. Don't try to take us for a ride. You are not going to gain anything from this...You must understand you are facing contempt.”

“Such acts will precipitate the matters. You will achieve nothing by these gimmicks. They (Sebi) are statutory authority, performing duties, implementing our orders. This is indirectly telling us. What is this?", the court asked, directing Sahara to apologise and give an undertaking that such things do not happen again.

Expressing anguish over Sahara's conduct, the bench said, “All this situation would not have arisen if you had followed our orders, given them (Sebi) documents, given them source of refunded money".

It also asked to Sebi to verify the genuineness of the property deeds submitted by the Sahara Group and posted the matter for hearing on January 9.

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