New Delhi : The Sahara group told the Supreme Court that its chief Subrata Roy is not liable for refunding Rs 24,000 crore collected by its two firms from investors, countering the arguments of SEBI which wanted his passport to be impounded till the contempt plea against him and companies is decided, reports PTI.
Senior advocate Ram Jethmalani, appearing for a Sahara firm facing contempt for not refunding the amount as per apex court order, submitted that the redemptions have already been made by Sahara firms.
A bench of justices K S Radhakrishnan and J S Khehar, questioned Jethmalani’s stand, saying that it is contrary to the affidavit by the company earlier. “It is not correct. Your affidavit says otherwise. Your affidavit is staring at us,” the bench said.
Jethmalani also urged the court to take a sympathetic view, contending that contempt proceedings did not lie in the present facts and circumstances and Roy is not liable for repayment. “I do not deny that he is Bhishmapitamah of family(head of Sahara group) but it does not mean that he is liable,” he said.
The market regulator, however, submitted that all the money raised by Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) went to Sahara group sister companies and Roy is equally liable.