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...

very clear. In your proposal, there are so many ifs and buts. We are not going to sell it (properties). What is the purpose of our judgement? Do it whatever you want. You can generate lot of loan. Sell your property or whatever you want," the bench said when the proposal about the selling of property was put forward.

"We tried our best and we gave you time repeatedly. For one reason or other you delayed and you never allowed us to proceed. You do whatever you like. Why should you want court's permission for selling the properties? You sell it yourself.

"This (proposal) we are hearing for last one and half years. It is continuing since May 2012 what can we do.

"You and your companies have so much of money with you, then why don't you give it?," the bench further said.

The bench reminded the counsel appearing for Sahara about all its previous orders including the August 31, 2012 judgement and subsequent order of another bench of three judges which the Group has not complied with and made the refund of Rs 20,000 crore to the investors.

"You have sought our indulgences but you did not comply with our orders. You said go to hell. Now you are here with folded your hands, what can we do.

"You tell us when you will pay. SEBI can't sell. They don't have the manpower. You sell the property of Rs 28,000 crore and pay. You had time since August 31, 2012. We can't accpet this proposal. You have been telling about it for one and half years", the bench said.

"All the money that has to be paid is to be paid and the rest will go to the government of India. The amount must go to the RBI," the bench said.

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