Appearing for Securities and Exchange Board of India (Sebi), senior advocate Arvind Datar told a bench of Justices K S Radhakrishnan and J S Khehar that Sahara group companies were evasive in giving details of the huge funds they had arranged to give refund to three crore investors. He said the funds appeared to travel in a merry-go-round within the company.
On his suggestion, the bench asked the Sahara firms to reveal the transaction details of payments to Sahara India — Rs 13,000 crore by Sahara Credit Cooperative Society Ltd, Rs 4,383 crore by Sahara India Commercial Corporation Ltd, Rs 2,258 crore by Sahara Q Shop and Rs 63.58 crore by Kirit City Homes.
Appearing for the Sahara firms, senior advocate Ram Jethmalani said he would ask his clients to find the details and sought time till February 11 to comply with the court order.When senior advocate C A Sundaram requested the court to permit Subrata Roy to travel abroad to attend urgent business meetings, the bench said it would grant permission only after the group gives details of transactions.
Sundaram complained that Roy was not personally liable and he was being unnecessarily held up in India. His promise to come back to India before the next date of hearing did not impress the bench.
The court said, "The delay in furnishing details of transactions has been by Saharas. You give the details by tomorrow and you can leave. Pay the money or show documents to prove that the money was paid. Do either of the options."
The bench had on August 31, 2012 directed Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd to refund Rs 24,029 crore irregularly collected from nearly 3 crore investors.
The Saharas have so far deposited Rs 5,120 crore, saying their liability was just a little over Rs 2,000 crore and that they were keeping the rest as adequate buffer in case additional claims cropped up. Jethmalani said Sebi had so far disbursed only Rs 89 lakh to investors and spent Rs 7 crore on administrative purposes. "Where are the unpaid investors? Is it possible in India, despite the wide publicity to this case, for unpaid investors not to line up before Sebi to claim their money," Jethmalani asked.
via Business - Google News http://ift.tt/1jFxr6k
Put the internet to work for you.
0 comments:
Post a Comment