The apex court while directing two companies of Sahara group to inform about the date to refund investors' money also issued contempt notice on a petition filed by SEBI against the Subrato Roy-led companies
The Supreme Court on Wednesday issued a fresh contempt notice to Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd for not complying with its order directing the deposit of over Rs24,029 crore raised by issue of optionally fully convertible debentures.
The bench comprising judges KS Radhakrishnan and JS Khehar also asked the companies to give a definite date by which they can refund the money to its investors.
Market regulator Securities and Exchange Board of India (SEBI) had filed the petition against the two Sahara companies for not obeying the apex court's December order.
Last week, the SC hauled up the Securities Appellate Tribunal (SAT) for restraining SEBI from taking coercive action against the two Sahara group companies for not refunding Rs24,000 crore to investors.
Earlier on 15th March, SEBI had had filed a plea before the apex court, seeking clarificatory directions for implementing orders of the SC. In the five-point plea, SEBI had also asked for civil detention of Subrata Roy and three other Sahara directors and also wants them to deposit their passports with its whole-time member.
SEBI on 13th February passed two separate orders, together running into 160 pages, directing attachment of properties and freezing of accounts. It had said that in furtherance to a Supreme Court order directing refund of investors’ money collected by the two Sahara group companies, it ordered “attachment of all moveable and immoveable properties, bank accounts and demat accounts of these two companies and that of its promoters and directors Subrata Roy, Vandana Bhargava, Ashok Roy Choudhary and Ravi Shankar Dubey”.
The assets ordered to be attached included those related to the group’s Aamby Valley resort town near Pune, other real estate assets in Delhi, Mumbai and at other places across the country, shares, mutual funds and various other investments.
Passing the attachment orders, SEBI had said that the two companies had raised Rs6,380 crore and Rs19,400 crore, respectively from bondholders and “various illegalities” were committed in raising of these funds.