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Sahara says SEBI is in contempt of court
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SME Times News Bureau | 20 Nov, 2020
The Sahara India Parivar on Friday refuted the Securities and Exchange
Board of India's (SEBI) claim on it and said that that the market
regulator has committed contempt of court.
"There is a clear
order of Hon'ble Supreme Court which says that Sahara should deposit
only the principal amount which is around Rs 24,700 crore out of which
Sahara has already deposited Rs 22,500 crore (including interest). This
is absolutely wrong demand by SEBI and it has mischievously added 15 per
cent interest on the principal amount so they are very wrongfully
mentioning Rs 62,600 crore," Sahara said in a statement.
Sahara
said the reason is clear that the SEBI, despite giving four rounds of
advertisements in 154 newspapers in last 8 years across the country, has
repaid only Rs 107 crore to the investors. In its last advertisement
that was published around a year ago, SEBI made it clear that it would
not entertain any further claim thereafter.
"It means that for
SEBI there is no more claimant at all. How can there be claimants since
Sahara has already paid back, long time back. SEBI is acting biased. It
is a typical case of double payment. As per the directives of the
Hon'ble Supreme Court, this amount of Rs 22,500 crore will eventually
come back to Sahara after due verification," Sahara said in the
statement.
The SEBI has petitioned the Supreme Court to direct
Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or
cancel his parole if he doesn't yield.
The markets regulator
said the outstanding liability of the Sahara India Parivar group's two
companies and the group's chief Roy stand at Rs 62,600 crore, including
interest.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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75.65 |
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56.85 |
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