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No Contempt Made Out Against Us: Sahara To SC

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The Sahara group and its promoter Subrata Roy told the Supreme Court that no case of contempt is made out against them as they have complied with its directions on the issue of supplying documents to Sebi and has started refunding Rs 24,000 crore to its investors.

The Sahara group mentioned the matter before a bench headed by Justice K.S. Radhakrishnan and said they have filed affidavits relating to the contempt notice and need more time to file a response in relation to the application by the stock market regulator seeking civil arrest or detention of Roy and other directors.

The bench said it will consider its plea on 2 May. Sahara's plea was mentioned by senior advocate Ram Jethmalani and advocate Keshav Mohan. Sahara and its promoters filed around 10 affidavits and two additional affidavits are likely to be filed soon.

The counsel said there was no case of wilful disobedience of the apex court order as the documents have been supplied to Sebi and on 5 December 2012, the issue of depositing money was also considered by the court.

During the last hearing, the apex court had pulled up the Sahara group and Roy for not refunding Rs 24,000 crore to their investors and accused them of "manipulating courts" by approaching different forums for relief.

The court had also slammed the group and its chief for not filing a response on Sebi's contempt plea against them and also issued a notice to them on the market regulator's plea to detain Roy and the two male directors --- Ashok Roy Choudhary and Ravi Shankar Dubey --- to get investors' money back from them.

The bench, which at one time had asked Roy's counsel to make a statement that he will not leave the country or it will pass directions, however refrained from doing so and granted one week time to him and his two companies to file their response.

(PTI)