New Delhi: The Supreme Court on Monday came down upon the Sahara group, calling its intentions “shaky”, for failing to refund Rs 27,000 crore which it had fraudently raised from investors.
A bench headed by Chief Justice Altamas Kabir told the counsel appearing for Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to inform it by Tuesday whether they would be able to refund the entire amount to their investors within a week.
The apex court rapped the two companies for not implementing it's order, saying the firms' plea does not merit any hearing.
“Your intention is very shaky. Your every step is shaky, we can’t interpret our order according to your need,” the bench said.
Senior advocate Gopal Subramaniam, appearing for one of the companies, tried to justify its failure to refund the entire amount, but the bench strongly rebutted him saying, “You are justifying your conduct, which is not justifiable".
The bench, however, granted a day’s time to the two firms to inform it if they would be able to refund the money or not.
Market regulator Sebi also opposed Sahara’s plea and submitted that it has already filed a contempt petition against them and said strong action should be taken 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 me to send them to jail, we would send them, but we are more concerned about the investment made by the common man,” the bench observed.