You are manipulating courts: Supreme Court to Sahara

Posted By: PTI
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Subrata Roy
New Delhi, April 23: The Sahara Group and its promoter Subrata Roy on Monday faced a tough time in the Supreme Court (SC) which pulled them up for not refunding Rs.24,000 crore to its investors and accused them of "manipulating courts" by approaching different forums for relief.

SC pulled up Sahara Group and Roy for not responding to the contempt plea filed against them by Sebi.

A bench comprising justices K.S. Radhakrishnan and J.S. Khehar criticized the group and its chief for not filing a response to the Securities and Exchange Board of India's (Sebi's) contempt plea against them and also issued a notice to them on the market regulator's plea to detain Roy and two directors-Ashok Roy Choudhary and Ravi Shankar Dubey-to get investors' money back from them.

The bench, which at one time asked Roy's counsel to make a statement that he will not leave the country or it will pass directions, however refrained from doing so and granted one week time to him and his two companies to file their response.
The bench also expressed anguish when Sebi said Sahara India has filed a petition in Allahabad High Court after the apex court had passed an order for attaching the properties of the group's two companies if they failed to deposit Rs.24000 with the market regulator.

"You are manipulating courts," the bench said when Sahara's counsel submitted that Sebi is attaching Roy's personal property despite him not being a party in the case in which the apex court had passed the verdict on refunding Rs.24,000 crore.

"We are not interested in parties. If you have done this (moving HC) then it is a contempt of this court. Even approaching Sebi is contempt. It is very strange that you seek extention of time from Sebi after Supreme Court's order and you file appeal after appeal," the bench said, adding, "you must remedy your mistakes instead of repeating the mistakes."

Sebi will deposit the money of untraced investors of Sahara with the centre.


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