On the last date of hearing on January 9, the Supreme Court had warned the Group to reveal source of Rs 22,885 crore or be ready to face inquiry by CBI and Registrar of Companies.
Sending a clear message that the court is not “helpless” in taking action for flouting its directions, the apex court had rapped Sahara chief Subrata Roy and the group for refusing to disclose the source of money.
It had on August 31, 2012 directed the Sahara group to refund Rs 24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and the remaining amount in first week of February.
The group, which had handed over the draft of Rs 5,120 crore on December 5, has failed to pay the rest of the amount. The two companies, their promoter Roy and directors Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary were told to refund the collected money to the regulator.
Three contempt petitions filed by SEBI against Roy, the two firms—Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)--and their directors are pending before the court.
