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.