Subrata Roy-led Sahara Group review plea in Rs 24,000 cr case rejected by Supreme Court
The Supreme Court on Wednesday dismissed Sahara Group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15 per cent interest per annum. The Sahara group is led by Subrata Roy
A Bench of Justices K S Radhakrishnan and J S Khehar, which had passed a slew of orders against the group on August 31 last year, rejected Sahara's plea.
Sebi had ordered Sahara India Real Estate Corporation Ltd (SIRECL) — now known as Sahara Commodity Services Corporation Ltd — and Sahara Housing Investment Corporation Ltd (SHICL) to refund money collected through the optionally fully convertible debenture (OFCD) route with 15 per cent interest.
“All the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed,” the Bench said in its order.
The Bench said all the contentions raised by the companies were considered by it while passing its August 2012 verdict and there is no need to review the same.
“We have carefully gone through the grounds raised in the review petitions filed by the appellants,” the court said.
“We also do not find any inconsistency in the views expressed by both of us. On the other hand, all the contentions, legally and factually, raised by the appellants were examined, addressed and answered on all possible angles and dimensions,” the Bench said.
The verdict on the review plea assumes significant as the firms have again filed a fresh application for extension of time
