NEW DELHI: On Monday, the Supreme Court ruled out a final cautionary to Sahara Group and gave them 24 hours to bring alteration in their intention of not to refund the desired amount of Rs 27,000 Crore to its investors.
Justice Altamas Kabir, who usually remains composed, displayed strict demeanor for the company in his decision. He asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Limited to inform tomorrow whether they would return the entire amount within a week or will fortify to their grounds.
He said that the firms' plea does not merit any hearing. The bench said, "Your intention is very shaky. Your every step is shaky, we can't interpret our order according to your need."
Managing the part of one of the companies of Sahara, Senior advocate Gopal Subramaniam tried to justify Sahara’s failure to refund the entire amount. The bench, however disapproved his makes and refuted strongly by saying, "You are justifying your conduct, which is not justifiable".
Another senior advocate Mukul Rohatgi, accountable for the second Sahara Group company was screeched by Justice Kabir when he stood to argue the case, Justice Kabir said, "This is not the way. Even when your side is losing, you do not have the right to jump in," asking Rohatgi to sit down.
The bench’s statement came in direct support of the investors who had their money trapped. It said, "If you want me to send them to jail, we would send them, but we are more concerned about the investment made by the common man."
For now, SEBI has already filed a contempt petition against Sahara’s and it has appealed for strong action against them to the court.