Two companies of Sahara Group filed contempt petition against SEBI

Two companies of Sahara Group have filed a contempt petition in the Supreme Court against the market regulator Securities and Exchange Board of India (SEBI). Both companies say that SEBI’s demand of Rs 62,602 crore from them is not only contempt but also an attempt to mischievously fail the directions of the Supreme Court.

About 10 days ago, SEBI had filed a petition in the Supreme Court stating that Sahara India’s Subrata Roy and two Sahara group companies, Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL), had been given court orders for depositing the amount, are constantly violating. SEBI approves two companies of Sahara Group as per prior court order and appealed to give instructions to deposit money 62,602 crore.

Now, these two companies of Sahara Group Group have filed a petition against SEBI saying that the demand made by SEBI is against the Supreme Court directive dated 8 February 2017.

In that order, the Supreme Court said that at present, the principal amount is being talked about. The apex court had then stated that the interest would be settled later. Knowing this, SEBI’s demand for money from them is contempt of court.

These two companies, in their petition, have made SEBI, its chairman Ajay Tyagi and two others as defendants, accusing them of violating several orders of the apex court.