SC dismisses Sahara firms' review petition
Finds no inconsistency in its August 31 judgment
The Supreme Court has dismissed the review petition moved by two Sahara companies, saying none of the grounds raised in it justify reconsideration of the August 31 judgment.
“We do not find any inconsistency in the views expressed by both of us,” the order passed by judges K S Radhakrishnan and Justice J S Khehar yesterday said, adding: “On the other hand, all the contentions, legally and factually, raised by them were examined, addressed and answered on all possible angles and dimensions.”
Applications which are stated to have been filed for placing new facts and documents on record have not met the legal tests. “Even otherwise, all the records placed before us were meticulously examined and dealt with,” the judges said.
As a consequence of the order of dismissal, the application for open-court hearing was also dismissed.
There was another set of review petitions moved by an “association and others claiming that they were representing investors”. Since they were not parties to the main case, they had no standing in the review petitions, the order said while dismissing their petitions.
This bench had ordered the two Sahara companies — Sahara India Real Estate Corporation and Sahara Housing Investment Corporation — to refund Rs 24,000 crore collected in bonds from millions of investors.
With this order, one aspect of the appeals has closed. The bench has also before it the Securities and Exchange Board of India (Sebi) petition for action for contempt of court against the companies. No date has been fixed for hearing it. Sebi says the companies have not complied with the order and, therefore, they should be hauled up for contempt proceedings.
In parallel proceeding in the same case, Chief Justice Altamas Kabir, presiding over a three-judge bench, had asked the companies to return the money to investors in two instalments starting from January 5. It also allowed the Sahara companies to deposit Rs 5,120 crore with Sebi.