NEW DELHI : While expressing anguish over Sahara group’s “hide and seek” in the debentures refund case, the Supreme Court today directed it to furnish details of the source of over 170 bln rupees the group claims to have redeemed to its debentures holders.
The court also declined, for now, Sahara group’s request to lift the travel restrains on group chief Subrata Roy. The Sahara’s counsel sought lifting of the Nov 21 travel restrain order, saying the company, to show its bona fides, had submitted a new set of title deeds of 71 properties worth around 210 bln rupees with the Securities and Exchange Board of India.
The bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar refused to allow Roy to travel abroad for now, while granting time to SEBI to verify the genuineness of the property deeds and posted the case for the next hearing on Jan 9.
The court also rejected the plea of Sahara counsel to de-freeze bank accounts of group companies as ordered by SEBI earlier.
Expressing anguish over Sahara’s conduct, the bench said, “All this situation would not have arisen if you had followed our orders, given them (SEBI) documents, given them source of refunded money. All this hide and seek will lead you know nowhere”. -Cogencis