SC asks Sahara to reveal source of money it repaid to investors
The Supreme Court of India on Thursday warned Sahara Group of a CBI probe against in case it fails to reveal the source of the Rs 22,000 crore that it claims to have repaid to its investors.
A bench of justices KS Radhakrishnan and JS Khehar pulled Sahara for its "obnoxious" behaviour and said it would have to account for very rupee. It also warned Sahara not to resort to delaying tactics anymore.
The bench said that group might have taken money from lenders, raised by selling some of its properties or through some other way. It stressed that it would have to reveal the source of the money. The bench warned that it would order an investigation by the CBI.
Pulling the Subrata Roy-led group, the bench said, "Sending one or the other letter to Sebi is so obnoxious.... It's not a fishing inquiry ... if you are not willing to inform about the source, we will order investigation. We will summon CBI and registrar of companies (RoC)."
Capital market regulator earlier told the apex court that Sahara had written a letter to it, saying source of the money in question was "immaterial".
The money is question was collected by Sahara Group's two companies, viz. Sahara Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd, from more than 30 million investors. The two companies were later ordered to refund the money to their investment schemes were in violation of Sebi laws.
In November last year, the apex court had restrained Roy from leaving the country.