SC raps Sahara group for not refunding investors’ money
New Delhi: The Supreme Court today rapped the Sahara group for not refunding Rs 27,000 crore to investors, saying its every step was "very shaky" and questioned its "unjustifiable" conduct against the interest of the common investors.
"You are not entitled to any hearing," a bench headed by Chief Justice Altamas Kabir tersely told the Sahara Group for not implementing its order for refunding the money.
The court followed it up with some strong observations.
"Your intention is very shaky. Your every step is shaky. You can't interpret our order according to your need," the bench said.
Justice Kabir, who is known for his gentle demeanour, lost his cool many times during the brief hearing and had some hard words for the group for approaching other forum(SAT) even after the apex court had passed the order.
"You did not implement our order and went to other forum. It is unfortunate," the bench said.
It, however, agreed to hear the matter saying that concern for the common investors is more important and asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to tell by tomorrow whether they would be able to refund the entire amount to the investors within a week.
The market regulator SEBI insisted that strong action be taken against the Group's companies and said that it has also filed a contempt petition against them.
The bench, however, said it is more concerned about the common man, who has invested his money in the companies.
"If you want us to send them to jail, we would send them, but we are more concerned about the investments made by the common man," the bench observed.