Supreme Court rejects Sahara's proposal, says its unhappy

Mar 04 2014, 22:26 IST
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The bench reminded the counsel appearing for Sahara about all its previous orders including the August 31, 2012 judgement The bench reminded the counsel appearing for Sahara about all its previous orders including the August 31, 2012 judgement
SummarySahara Group's fresh proposal to bail out its Chief Subrata Roy did not go down well...

Sahara Group's fresh proposal to bail out its Chief Subrata Roy did not go down well with the Supreme Court which rejected it saying the company failed to come out with any concrete proposal.

"We are not happy with the proposal. No concrete proposal has come up so far. We are not accepting this proposal. There is no bank guarantee. All of them except Vandana Bhargava will be in custody in Delhi," a bench of justices K S Radhakrishnan and J S Khehar said before retiring to the chambers for writing the detailed order and directions.

The bench expressed anguish that identical things have been said repeatedly and the Saharas even went to the extend of filing "false sworn affidavits" and "contradicting statements" before the top court of the country.

"You gave false affidavits before the Supreme Court. The wrong sworn affidavit was filed before the Supreme Court. You have been giving contradicting statements even before the Supreme Court.

"We are sorry to say that even false and inconsistent affidavits have been filed in the Supreme court and even in the contempt proceedings. At every stage, false affidavits have been filed," the bench said.

When Roy's counsel Ram Jethmalani said the Sahara chief has been brought to the court and "the majesty of law has been restored and the dignity of the court is well maintained" now, the bench wanted to know from the Uttar Pradesh Police about the compliance of its February 26 order issuing non-bailable arrest warrant against him.

Convinced that all the contemnors--Roy, three Directors Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava --were present in the court, the bench allowed the Sahara chief to make his statement.

"I am unconditionally apologising for not being present on February 26. Please accept my apology. I have faith in you," Roy told the bench which said "we accept your apology".

As Jethmalani wanted to say something about the new proposal, he was interrupted by another senior advocate C A Sundaram, also appearing for Saharas.

Jethmalani gave way to Sundaram to elaborate in detail about the fresh proposal which boomeranged with the bench shooting off several questions.

"What is this proposal? We were wondering why you are casting responsibilty on SEBI.

"We are not interested in selling your property. You have been telling us for two years. It is your headache. You should have done it. Our judgement is

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