Puzzle of 1,433 Anirudh Singhs: Now SC to hear all Sahara cases

The Supreme Court has accepted market regulator Sebi's petition to hear all cases related to the Sahara group's refunding of Rs 24,000 crore to investors. The group has filed cases at various forums. While one case is being heard by the Securities and Appellate Tribunal, there is another being heard by the Allahabad High Court.

The apex court stayed proceedings in both these cases filed by Sahara and its chief Subrata Roy.

Subrata Roy[/caption]

The next hearing in the Supreme Court is scheduled for May 8.

The Securities Appellate Tribunal will no longer hear Sahara's plea against Sebi.

The Securities and Exchange Board of India (Sebi) on Saturday had filed a fresh petition in the Supreme Court seeking all cases related to two Sahara firms be heard in the apex court. It had requested that all cases heard by the Securities Appellate Tribunal Mumbai, Lucknow High Court, and other organisations be transferred to the Supreme Court.

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During the hearing, the market regulator accused the group and its promoter of making "mockery" of apex court's order which had directed them to deposit Rs 24,000 crore to SEBI which would refund the money to over three crore investors.

Senior Advocate Arvind Dattar, appearing for SEBI, submitted that "shocking things" are in CD which was supplied by Sahara Group on investors who had put in their money in its two companies--Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC).

He said although names of around 6,000 Kalawatis are not there as reported in media but there are 1,433 Anirudh Singhs there in the list whom the group claimed to have refunded money 34 times.

Senior advocate Ram Jethmalani and advocate Keshav Mohan, appearing for Sahara group, on the other hand, submitted that Sebi is wasting their time and also said that there is serious atmosphere of prejudice prevalent against it as SEBI is leaking information to media on investors.

The bench, however, said that every case is discussed in media and "We do not get prejudiced by such reports"."We are not prejudiced. We are not concerned about Kalawati. Lets proceed on legal issues," the bench said adding "Do not transgress the case".

The bench was hearing a contempt plea filed by SEBI against the Group for not complying apex court's order passed on August 31, 2012 for depositing Rs 24,000 crore to SEBI.

At a hearing on 22 April, the Supreme Court accused Sahara of manipulating the court's order as it had not asked the group to refund investors directly. The court also said Sahara was not cooperating with the regulator.

The apex court had also pulled up Sahara Group and Roy for not responding to the contempt plea filed against them by Sebi and also issued a notice to the company on the market regulator's plea to detain Roy and two directors-Ashok Roy Choudhary and Ravi Shankar Dubey-to get investors' money back from them.