Odisha News, Odisha Latest news, Odisha Daily - OrissaPOST
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Timeout
  • Entertainment
  • Sports
  • Sci-Tech
  • Others
    • COVID-19
    • IPL 2020
    • Today’s Pic
  • GamesNew
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Timeout
  • Entertainment
  • Sports
  • Sci-Tech
  • Others
    • COVID-19
    • IPL 2020
    • Today’s Pic
  • GamesNew
No Result
View All Result
OrissaPOST - Odisha Latest news, English Daily -
Home Business

Two Sahara group firms move SC, file contempt plea against SEBI

PTI
Updated: December 2nd, 2020, 22:09 IST
in Business, National
0 0
0
Share on FacebookShare on TwitterShare on WhatsAppShare on Linkedin

New Delhi: Two Sahara group firms have moved the Supreme Court seeking initiation of contempt proceedings against SEBI alleging that the market regulator’s demand of Rs 62,602 crore from them was not ‘only contemptuous but a mischievous attempt’ to overreach the directions of the apex court.

SEBI had moved the apex court seeking direction to the firms to pay the amount in compliance with the court’s earlier orders, failing which the group’s chief Subrata Roy be taken into custody.

Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL), in their contempt plea have alleged ‘gross, blatant and willful disobedience of the directions’ of the top court by SEBI.

It said that the demand of SEBI asking the firms to deposit Rs 62,602 Crores was in violation of the specific directions of the apex court in its order of February 06, 2017 that at present only the principal amount is to be concerned and the issue of interest will be adverted to later.

It said that SEBI’s action of demanding money and filing of contempt against Sahara firms was ‘not only contemptuous but a mischievous attempt to overreach the directions of this court’ and it was an attempt to ‘mislead the apex Court and to cause public outrage against Sahara’.

The Sahara firms, in their fresh plea, has made SEBI and its chairman Ajay Tyagi and two others as parties and accused them of violating various orders of the apex court.

“It is in the circumstances, the petitioners seek indulgence of this court to initiate contempt proceedings against the respondents (SEBI) for gross, blatant and willful disobedience of the directions of this court vide judgement and order dated 31.08.2012; and order dated 05.12.2012, and for obstructing the administration of justice; and to direct SEBI to discharge its obligations and implement the directions of this court, in the interest of complete justice.

“Also, the application preferred by SEBI seeking deposit of Rs 62,602 crores despite specific directions of this court vide order dated 06.02.2017 that at present only the principal amount is to be concerned with and issue of interest will be adverted to later; is not only contemptuous but a mischievous attempt to overreach the directions of this court. As such, the respondents are in contempt of the order dated 31.08.2012, 05.12.2012 and the order dated 06.02.2017 passed by this court,” the Sahara firms said in the plea.

The plea said that the apex court, in its order dated of February 6, 2017, had directed that it is concerned with the principal amount and the issue of interest shall be adverted to later but SEBI in utter disregard of the directions has been including interest amount.

The plea said that it seemed SEBI has developed certain vested interests to evade the verification exercise on flimsy pretexts.

“As on date, an amount of Rs 22,500 Crores is lying in the SEBI-Sahara Refund Account against the principal amount of Rs 24029.73 crores; meaning Sahara is supposed to deposit only Rs 1,529 crores towards principal amount,” it said.

For more than eight years have passed and yet SEBI has not conducted the exercise of verification of 3.03 crores investors and refund, which is important for the interest of the investors and resolution on SEBI-Sahara dispute, the companies said.

SEBI had said that the firms were in “gross violation” of various orders passed by the court regarding the deposit of entire amount collected along with the interest.

January 24, the top court had exempted Roy and two other directors from personal appearance till “further orders” in a case related to their alleged failure in depositing over Rs 25,700 crore in the Sebi-Sahara account for returning investors’ money.

The top court, on January 31 last year, had directed Roy and two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, to personally appear before it “to enable the court to pass appropriate orders so that the law can take its own course and reach the desired conclusion”.

It had said that the efforts of the Sahara group to pay back did not ‘inspire the confidence of the court’ as its order for deposit of over Rs 25,700 crore has not been complied with so far.

Roy was sent to the Tihar Jail by the apex court on March 4, 2014 and came out on parole after spending over two years in prison on May 6, 2016 to perform the last rites of his mother Chhabi Roy. He has been out of prison since then.

Earlier, the apex court had noted that the Sahara group has already deposited around Rs 20,000 crore in the Sebi-Sahara account, which includes Rs 15,000 crore principal amount and Rs 4,800 crore interest.

In July 2018, the auctioning process of Sahara group’s prized Aamby Valley properties was put off by the top court after it was informed that the auction notice did not elicit any response from prospective buyers.

Roy and two other directors were arrested for failure of the group’s two companies — SIRECL and SHICL — to comply with the court’s August 31, 2012 order to return Rs 25,000 crore to their investors.

PTI

Tags: SaharaSCSebiSupreme Court
ShareTweetSendShare
Suggest A Correction

Enter your email to get our daily news in your inbox.

Related Posts

Dr Bhim Rao Ambedkar

Indian Constitution: Here are some lesser-known facts worth knowing

January 26, 2021
Col Santosh Babu

Galwan hero Col Santosh Babu named for Mahavir Chakra in Republic Day honours: Here’s the full list

January 25, 2021
Amazon

Amazon moves Delhi High Court; seeks arrest of Kishore Biyani, stopping of Reliance deal

January 25, 2021
Tractors

Protesting farmers to march towards Parliament on Budget day

January 25, 2021
Rekha Sharma

NCW to challenge Bombay High Court judgment on sexual assault in Supreme Court  

January 25, 2021
Ram Nath Kovind

Ram Nath Kovind warns China, says India’s Armed Forces ready to counter any situation

January 25, 2021

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

250+ Trending Games - Play Now
OrissaPOST epaper Sunday POST OrissaPOST epaper

Click Here: Plastic Free Odisha

Plastic Free Odisha

Bhubaneswar Bar Association Lawyer Liberty Trust

Bhubaneswar Bar Association Lawyer Liberty Trust supports plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

October 2, 2018
Plastic Free Odisha

Sundargarh Public School teachers

Sundargarh Public School teachers support a plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

October 2, 2018
Plastic Free Odisha

Padmashree Aruna Mohanty-Odissi Dancer

Padmashree Odissi Dancer Aruna Mohanty calls for a Plastic Free Odisha. Have You Joined the movement? *Visit our website orissapost.com. ...

August 30, 2018
Plastic Free Odisha

Members of All Ride Bicycle

Members of All Ride Bicycle supports a plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

October 2, 2018
Plastic Free Odisha

Archita Sahu, Actress

Archita Sahu support a Plastic Free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) *Post your ...

August 30, 2018
Plastic Free Odisha

Tanbhi Block School students and staff

Tanbhi Block School students and staff support plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

October 2, 2018
Plastic Free Odisha

Debashish Mohanty-Former Indian Cricketer

Cricketer Debashish Mohanty supports  a Plastic Free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) *Post ...

August 30, 2018
Plastic Free Odisha

Gandhi Science Higher Secondary School in Khandagiri, Bhubaneswar

Gandhi Science Higher Secondary School students of Khandagiri, Bhubaneswar support a plastic free Odisha. Do you?   *Visit our website ...

October 2, 2018
Plastic Free Odisha

Hockey Player Dilip Tirkey

Hockey Player Dilip Tirkey supports a Plastic Free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

August 30, 2018
Plastic Free Odisha

Cuttack New Stewart School Students & Principal

Cuttack New Stewart School students and Principal call for a Plastic Free Odisha. Do you support the movement? *Visit our website ...

August 29, 2018
Plastic Free Odisha

Bargarh Ranapratap High School students

Bargarh Ranapratap High School students support plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

October 2, 2018
Plastic Free Odisha

National School Kujang

National School students Kujang Jagatsinghpur district support a plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook ...

October 2, 2018
Plastic Free Odisha

Odisha Rajya Rogi Adhikar Mancha & Mangalabagh International Club workers

Odisha Rajya Rogi Adhikar Mancha & Mangalabagh International Club Workers support a plastic free Odisha. Do you? *Visit our website ...

October 2, 2018
Plastic Free Odisha

Valena Valentina-Karate Player

Karate player Valena Valentina calls for a Plastic Free Odisha. Have You Joined the movement? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend ...

August 30, 2018
Plastic Free Odisha

Bijay Mohanty, Actor

Actor Bijay Mohanty calls for a Plastic Free Odisha. Have You Joined the movement? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our ...

August 30, 2018
Plastic Free Odisha

Puri SCS College Students

Puri SCS College Students support a plastic free odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

August 30, 2018
Plastic Free Odisha

Anubhav Mohanty, Actor

Anubhav Mohanty supports call for a Plastic Free Odisha. Do you support the movement? *Visit our website www.orissapost.com. Like,Share,Subscribe,Recommend our Facebook ...

August 29, 2018
Plastic Free Odisha

Olympian Dutee Chand

Olympian Dutee Chand calls for a Plastic Free Odisha. Have You Joined the movement? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our ...

August 30, 2018
Plastic Free Odisha

Samanta Singhara Nodal High School students

Samanta Singhara Nodal High School students of Balia, Jajpur support plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend ...

October 2, 2018
Plastic Free Odisha

D.A.V Public School-Kalinga Nagar

D.A.V Public School Students, support Plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) *Post ...

August 30, 2018
Plastic Free Odisha

Actress Bhoomika Dash

Actress Bhoomika Dash calls for a Plastic Free Odisha. Have You Joined the movement? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our ...

August 30, 2018
Plastic Free Odisha

Swaraj Barik, Actor

Swaraj Barik calls for a Plastic Free Odisha. Do you support the movement? *Visit our website www.orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

August 29, 2018
Plastic Free Odisha

Darsheel Safary, Actor

Darsheel Safary calls for a Plastic Free Odisha. Do you support the movement? *Visit our website www.orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

August 29, 2018
Plastic Free Odisha

Deepak Kumar-Actor

Deepak Kumar support a Plastic Free Odisha. Do you support the movement? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page ...

August 30, 2018
Plastic Free Odisha

Utkal University Journalism Department Students

Utkal University Journalism Department students call for a Plastic Free Odisha. Do you support the movement? *Visit our website www.orissapost.com. Like,Share,Subscribe,Recommend ...

August 29, 2018
Plastic Free Odisha

Scoutmaster, Guide Captains, Rovers, and Rangers of Keonjhar

Scoutmaster, Guide Captains, Rovers, and Rangers of Keonjhar support a plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend ...

October 2, 2018
Plastic Free Odisha

Unit III Bharat Scouts and Guide

Unit III Bharat Scouts and Guides team call for a Plastic Free Odisha. Do you support the movement? *Visit our website ...

August 29, 2018
Plastic Free Odisha

CRPF 127 Battalion, Bhanjanagar

CRPF 127 Battalion, Bhanjanagar supports a plastic free Odisha. Do you?   *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

October 2, 2018
Plastic Free Odisha

BJB Autonomous College-Bhubaneswar

BJB Autonomous college students support a Plastic Free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our Facebook Page Orissapost(@OrissaPOST.Here.Now) ...

August 30, 2018
Plastic Free Odisha

Sri Aurobindo School students & teachers

Sri Aurobindo School students & teachers of Sambalpur support plastic free Odisha. Do you? *Visit our website orissapost.com. Like,Share,Subscribe,Recommend our ...

October 2, 2018

Archives

Editorial

Vox Populi

January 26, 2021

The country celebrates the 72nd Republic Day in the midst of a global pandemic-induced gloom, a ravaged economy and protests...

Read more

Wuhan Anniversary

(PC: barrons.com)
January 25, 2021

At a time when vaccines against Covid-19 are being rolled out in phases in many countries across the world, there...

Read more

Growth story over

January 24, 2021

We have entered the 13th consecutive quarter of economic slowdown in India. Gross Domestic Product, meaning the total value of...

Read more

Foreign assets on radar

January 23, 2021

The Central Board of Direct Taxes (CBDT) is strengthening its drive against unaccounted foreign assets and benami properties with a...

Read more
  • Home
  • State
  • Metro
  • National
  • International
  • Business
  • Opinion
  • Feature
  • Sports
  • Sci-Tech
  • About Us
  • Advertise
  • Contact Us
  • Career
Developed By Ratna Technology

© 2020 All rights Reserved by OrissaPOST

  • Home
  • Metro
  • State
  • National
  • International
  • Business
  • Entertainment
  • Sports
  • Feature
  • Opinion
  • Sci-Tech
  • COVID-19
  • Games
  • IPL 2020
  • Today’s Pic
  • About Us
  • Contact Us
  • Career
  • Facebook
  • Twitter

© 2020 All rights Reserved by OrissaPOST

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Create New Account!

Sign Up with Facebook
OR

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In