Sahara Group & Sunrata Roy are "manipulating courts": SC

Posted By: Religare
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Accusing Sahara Group and its promoter Subrata Roy of "manipulating courts", Supreme Court rapped them for not refunding Rs 24,000 crore to its investors by approaching different forums of relief.

A bench comprising by Justices K S Radhakrishnan and J S Khehar slammed the group and its chief for not filing response on SEBI's contempt plea against them and also issued notice to them on the market regulator's plea to detain Roy and the two male directors - Ashok Roy Choudhary and Ravi Shankar Dubey - to get investors' money back from them.

"You are manipulating courts which is going on," the bench said when Sahara's counsel submitted that SEBI is attaching Roy's personal property despite he being not a party in the case in which 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 contempt of this court. Even approaching SEBI is contempt. It is very strange that you seek extension 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."

Sahara group and SEBI are fighting a legal dispute over the refunding of 24,000 crore by its two companies--SIREC and SHIC--to over three crore investors.

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