Supreme Court Reprimands Sahara Group for Flouting Directives
The Supreme Court on Thursday warned the Sahara Group to either reveal the source of Rs 22,885 crore which it claimed to have refunded its investors, or be ready to face inquiry by the CBI and the Registrar of Companies and not permit the Sahara chief, Subrata Roy, to leave the country.
Sending a clear message that the court is not helpless in taking action for flouting its directions, the court rapped the Sahara chief and the group for refusing to disclose the source of money.
“Don’t think that the court is helpless. We can ask the CBI and the Registrar of Companies to conduct probe against you. We are not helpless. We will find out the source of money if you don’t reveal it. We would ask the probe agencies to find out,” a Bench comprising justices K S Radhakrishnan and J S Khehar said.
The Bench expressed its disapproval when it was noted that Sahara has written a letter to SEBI saying that the source of the money was “immaterial”.
It said the behaviour of the company and Roy was “obnoxious”.
“Someone from your company has the audacity to say that source is immaterial. If you have refunded the money then you must have the record of the source from where you got the money. We cannot tell you how obnoxious the reply was. Your behaviour has been amazing,” the Bench said, adding, “We have been polite and generous to you but if you give us the stick, then what to do.”
The Bench said that thousands of crores has been spent in this case and questioned how the registered companies are not maintaining an account.