TNN, New Delhi :
The Supreme Court on Friday rejected Sahara’s proposal to pay Rs 2500 crore in 3 working days and rest of the amount in installments after every three months. The next hearing in the case will take place on March 11.
This means Sahara chief will remain in jail. Earlier, Sahara today assured the SC that it will deposit a “substantial amount” out of Rs 20,000 crore of investors’ money this month and the rest later.
Sahara’s lawyers also sought police custody for Subrata Roy and two others on ground that there were problems in getting access to them in judicial custody.
At present, Sahara chief Subrata Roy is lodged in Tihar jail.
On March 4, Roy was ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy that no concrete proposal on the refund of investors’ money was put forward by the company.
Sahara group also pleaded that Subrata Roy and other two directors should be released from custody to raise the refund amount.
However, Sebi opposed Sahara’s proposal, saying the group intends to pay Rs 17,000 crore but the total due amount is Rs 37,000 crore.
Sebi finds large-scale mismatch in Sahara papers
Sebi has come across serious anomalies and a huge number of possibly fictitious investors after analysing truck loads of documents submitted by Sahara to substantiate its claim of over Rs 20,000 crore refunds.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers and through other avenues, especially in northern and eastern states of the country.
Sahara group, whose chief Subrata Roy was on March 4 sent into judicial custody, had deposited Rs 5,120 crore with Sebi after court orders. It claims to have already refunded all but Rs 2,000 crore in cash directly to investors. The court had ordered refund of over Rs 24,000 crore in August 2012.
Sebi has contested Sahara’s direct refund claims. However, Sebi’s analysis of documents submitted by Saharas has thrown up large-scale mismatch – in dates on application forms and redemption vouchers, addresses, names, bond details, among others – in these papers, sources said.
There are numerous instances of one person having hundreds of accounts, one account having multiple beneficiaries, one person with multiple address and one address having tens of individuals. There are some people whose claimed dues spread over multiple accounts run into crores of rupees.
Besides, there are thousands of cases where addresses are untraceable, as also cases having innocuous addresses like national highways, and just names of villages, towns or roads, sources said on condition of anonymity.
The Supreme Court on Friday rejected Sahara’s proposal to pay Rs 2500 crore in 3 working days and rest of the amount in installments after every three months. The next hearing in the case will take place on March 11.
This means Sahara chief will remain in jail. Earlier, Sahara today assured the SC that it will deposit a “substantial amount” out of Rs 20,000 crore of investors’ money this month and the rest later.
Sahara’s lawyers also sought police custody for Subrata Roy and two others on ground that there were problems in getting access to them in judicial custody.
At present, Sahara chief Subrata Roy is lodged in Tihar jail.
On March 4, Roy was ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy that no concrete proposal on the refund of investors’ money was put forward by the company.
Sahara group also pleaded that Subrata Roy and other two directors should be released from custody to raise the refund amount.
However, Sebi opposed Sahara’s proposal, saying the group intends to pay Rs 17,000 crore but the total due amount is Rs 37,000 crore.
Sebi finds large-scale mismatch in Sahara papers
Sebi has come across serious anomalies and a huge number of possibly fictitious investors after analysing truck loads of documents submitted by Sahara to substantiate its claim of over Rs 20,000 crore refunds.
To locate genuine investors who may have deposited money with Sahara, the regulator also wants to issue public notices in regional language newspapers and through other avenues, especially in northern and eastern states of the country.
Sahara group, whose chief Subrata Roy was on March 4 sent into judicial custody, had deposited Rs 5,120 crore with Sebi after court orders. It claims to have already refunded all but Rs 2,000 crore in cash directly to investors. The court had ordered refund of over Rs 24,000 crore in August 2012.
Sebi has contested Sahara’s direct refund claims. However, Sebi’s analysis of documents submitted by Saharas has thrown up large-scale mismatch – in dates on application forms and redemption vouchers, addresses, names, bond details, among others – in these papers, sources said.
There are numerous instances of one person having hundreds of accounts, one account having multiple beneficiaries, one person with multiple address and one address having tens of individuals. There are some people whose claimed dues spread over multiple accounts run into crores of rupees.
Besides, there are thousands of cases where addresses are untraceable, as also cases having innocuous addresses like national highways, and just names of villages, towns or roads, sources said on condition of anonymity.
