SC pulls up Sebi for leaking Sahara's proposal to media

The Supreme Court has pulled up market regulator Sebi for leaking to media details of the proposal of Sahara Group's list of property sent to it as a guarantee to ensure that interest of investors are protected.

The apex court said it was "distressed" that the proposal sent by Sahara's counsel to the advocate of Sebi has come on one of the TV channels and such incidents which have been increasing day-by-day "not only affect the business sentiments but also interfere in the administration of justice".

"We are distressed to note that even 'without prejudice' proposals sent by counsel for the appellants (Sahara) to the counsel for Sebi has come on one of the TV channels.

"Such incidents are increasing by the day. Such reporting not only affect the business sentiments but also interfere in the administration of justice," a bench headed by Chief Justice S H Kapadia said.

Taking strong note of the incident, the bench said it would pass appropriate orders regarding reporting of sub- judice matters.

"In the above circumstances, we have requested counsel on both sides to make written application to this court so that appropriate orders could be passed by this court with regard to reporting of matters, which are sub-judice," the bench, also comprising justices A K Patnaik and Swatanter Kumar said.

The leakage of the proposal was brought to the notice of the court by Sahara's counsel and senior advocate Fali S Nariman, who had sent it to the Sebi's counsel.

Sahara's another counsel Kehav Mohan said the proposal was about the Group's assets to the tune of Rs 35,000 crore as against the liability of Rs 24,000 crore towards its investors.