Business Standard

SC rejects Sahara plea on refund of Rs 24,000 cr

Finds no inconsistency in previous order, grounds raised by Sahara are not suitable for review

Related News

The on Wednesday dismissed group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15% interest per annum.

A Bench of Justices KS Radhakrishnan and JS Khehar, which had passed a slew of orders against the group on August 31 last year, rejected Sahara's plea.

“All the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed,” the Bench said in its order.

The Bench said all the contentions raised by the companies were considered by it while passing its August 2012 verdict and there is no need to review the same.

“We have carefully gone through the grounds raised in the review petitions filed by the appellants,” the court said.

“We also do not find any inconsistency in the views expressed by both of us. On the other hand, all the contentions, legally and factually, raised by the appellants were examined, addressed and answered on all possible angles and dimensions,” the Bench said.

The verdict on the review plea assumes significant as the firms have again filed a fresh application for extension of time for paying back to their investors.

Although the August 31 verdict was passed by a bench of Justices Radhakrishnan and Khehar but another Bench headed by Chief Justice Altamas Kabir on December 5 had modified the judgement granting the group nine more weeks to pay back Rs 24,000 crore with interest to over three crore investors.

Read more on:   
|

Read More

Suzlon, Tanti, 4 company execs settle charges with Sebi

After they together paid Rs 12 lakh to settle charges related to alleged delay in amending insider trading norms

Quick Links

Advertisement

Back to Top