SC tells Sahara to stop playing 'hide & seek' and submit title deeds within 3 weeks

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SC tells Sahara to stop playing 'hide & seek'
Upset with the way Subrata Roy led Sahara Group has been refusing to deposit Rs 24,000 crore with the market regulator to be returned to investors, the Supreme Court on Monday said the group was playing "Hide & Seek" and therefore could not be trusted anymore.

The apex court also directed Roy to not to leave India without court's approval for a period of three weeks and also submit the title deeds of land worth Rs 20,000 crore to Sebi within that period.

"You have been playing hide and seek for far too long. We can't trust you anymore," said Justice JS Khehar, who was sitting on the bench with Justice KS Radhakrishnan. "You have been driving everybody round the bend," the bench said.

"You have been throughout inconsistent... Let's see the title deeds first," the bench told Sahara which is failing to deposit investors' money with the regulator.

While court has been upset with the Sahara's behaviour, the real estate to retail and media conglomerate claims to have repaid around Rs 19,000 crore out of total Rs 24,000 crore raised from investors in 2008. Sebi had declared those debentures as illegal. Sahara also claims that it has paid Rs 5,126 crore to Sebi to cover the rest of the payments.

Dion Global Solutions Ltd

Read more about: sahara
Story first published: Tuesday, October 29, 2013, 9:10 [IST]
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