New Delhi: The lawyers of the Sahara Group are set to approach the Supreme Court on Friday seeking an early hearing in the Sahara-Sebi matter. This after Sahara chief Subrata Roy was remanded in judicial custody till March 11 by the Supreme Court on Tuesday.
Roy along with two other company directors was sent to judicial custody till the next date of hearing on March 11. The detention of the fourth respondent, Vandana Bhargava was ordered as she has been given a concession for being a woman Director.
The SC had also asked the Sahara group to come up with a proposal to repay the money it owes to its investors.
The SC in its judgement said that Sahara maintained an "unreasonable stand throughout the proceedings before SEBI, SAT, High Court and even before this Court. Sufficient opportunities have been given to Sahara to fully comply with those orders and purge the contempt committed by them but, rather than availing of the same, they have adopted various dilatory tactics to delay the implementation of the orders of this Court."
"Non-compliance of the orders passed by this Court shakes the very foundation of our judicial system and undermines the rule of law, which we are bound to honour and protect. This is essential to maintain faith and confidence of the people of this country in the judiciary. Documents and affidavits produced by the contemnors themselves would apparently falsify their refund theory and cast serious doubts about the existence of the so-called investors. All the fact finding authorities have opined that majority of investors do not exist," the judgement said adding that the preservation of market integrity is extremely important for economic growth of the country and for national interest.
"Maintaining investors' confidence requires market integrity and control of market abuse. Market abuse is a serious financial crime which undermines the very financial structure of this country and will make imbalance in wealth between haves and have nots," the SC said.
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