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SEBI free to take act against Sahara if investors money
not refunded: SC
Friday October 19, 2012 07:38:25 PM,
IANS
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Related Article |
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Return Rs.17,400 crore to investors, Surpeme
Court tells Sahara
The Supreme
Court Friday directed the Sahara group's real estate companies to
return with 15 percent interest the over Rs.17,000 crore ($3.5
billion) it had mopped up as debentures from investors in 2008 and
2009.
"Sahara's SIRECL and SHICL would refund the amounts collected
through RHPs
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New Delhi: The Supreme
Court Friday told market regulator SEBI that it was free to
initiate action against two real estate companies of the Sahara
group if they fail to take steps for the refund of investors'
money as directed by the apex court.
A bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar told
the Securities and Exchange Board of India: "You take decision
according to law. It is the duty of the SEBI."
The court's direction came as it observed that "after so many
years, the Sahara real estate companies have not furnished the
detail of investors. We gave then time, still they have not done
it".
The court said this after it was told that Sahara companies were
directed to furnish all the details of the investors within ten
days of its Aug 31 order.
The court also inquired how the time for furnishing the details of
the investors was extended after the expiry of the ten days.
Noting that the details of the money to be refunded has not been
made available within the period ordered by it, the apex court
said: "Whatever it means let Sahara submit all the details and
documents to show that all investments were genuine."
The court asked the senior SEBI counsel Arvind Dattar about the
status report of all that had happened since the pronouncement of
its judgment.
As Dattar said that SEBI would be filing periodic report every
month on the status of execution of Aug 31 order, the court said:
"We don't want to monitor. We only want status report."
The court declined to take note of the submission by senior
counsel Gopal Subramanium, appearing for Sahara, that they were
moving an application seeking the extension of time.
He told the court that they have "struck the structure" for making
available the original records of the investors.
Subramanium told the court that Saharas have already given to SEBI
the schedule along with the numbers of the trucks for the supply
of the original documents. He said that they wanted to retain the
photo copies of the investment papers which they would require for
tax purposes.
Brushing aside the submission by Subramanium, Justice Khehar said:
"We have not heard anything... put it in writing."
Declining to pass any order on SEBI's application informing the
court that two Sahara companies were not complying with its
orders, the court however, took on record Subramanium's submission
that they would be filing an application seeking the extension of
time.
By its Aug 31 verdict, the apex court had directed Sahara group's
real estate companies SIRECL and SHICL to return to investors
Rs.17,400 crore with 15 percent interest that it had mopped up
through optionally fully convertible debentures (OFCDs) in 2008
and 2009.
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