SEBI can take anti-Sahara action: SC
- Spot-fixing: Petition in SC seeks stay on IPL matches, seeks SIT probe
- India, China call for end to incursion issue, sign 8 deals to boost ties
- Sanjay Dutt spends restless nights as officials yet to decide on his jail
- Aarushi murder case: Rajesh Talwar claims he was asleep when killings took place
- Railgate: BJP protests against CBI DIG for shielding Pawan Bansal
The Supreme Court today sternly told market regulator SEBI to "take action" against Sahara group for failing to comply with its orders relating to refund of Rs 24,000 crore of investors money and getting information about them from its companies.
"Time limit is there for ten days. You take your action. SEBI Act is there. You do whatever you want to do in accordance with the law. You draw inferences from the judgement (of Aug 31)," the bench told the regulator directing it to file status report on compliance of its order.
In its judgement of Aug 31, the Court had made stinging observations against the companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)-for violating rules in raising funds from common investors.
It had said then that such offences must be dealt with "iron hand" and had directed that the SEBI can attach properties and freeze bank accounts of the companies if they failed to refund the money.
A bench comprising justices K S Radhakrishnan and J S Khehar said that it is a clear case of violation of its directions by the companies which have failed to comply with its order to refund the amount and provide documents about the investors to SEBI within the time limit frame by the apex court.
"We have given all directions. What is the consequence of non-compliance is stated in the judgement," the bench further said.
The bench had on August 31 had directed the companies to refund the amount within a month which expired on September 30 and ten days to furnish informations to SEBI which expired on September 10
The Judges made it clear that the court was not monitoring the development and would like to have the compliance report about its directions from the SEBI periodically.
- Former Ranji player among 3 more held
- Rajasthan Royals to file FIR against tainted trio
- If found guilty, BCCI to ask ICC to erase Sreesanth records
- Top cops among 42 named in death of blast accused
- Manmohan-Li talks: PM takes tough line on incursion issue
- Security forces blame Maoists, villagers say CoBRA man was killed in 'friendly fire'