SC to hear plea challenging Delhi HC relief to Sahara Group firms tomorrow

The Supreme Court scheduled the hearing of a plea challenging a Delhi High Court order staying the investigation into nine companies related to the Sahara Group

The Supreme Court on Wednesday scheduled the hearing of the plea of corporate fraud investigating agency Serious Fraud Investigation Office (SFIO) to Thursday (May 26) challenging a Delhi High Court order staying the investigation into nine companies related to the Sahara Group.

A bench of Justices DY Chandrachud and Bela M Trivedi agreed to list the matter tomorrow for hearing after it was informed that senior advocate Kapil Sibal, representing the Sahara Group was unable to appear before the court today.

The Solicitor General Tushar Mehta, appearing for SFIO, said, "he cannot oppose the request as Sibal is facing personal issues."

The Delhi High Court on 13 December 2021, had granted interim relief to Sahara Housing Investment Corporation Limited and others by staying the operation, implementation and execution of the investigation orders dated 31 October 2018, and 27 October 2020, passed by the Central Government.

It had also stayed all subsequent actions and proceedings initiated pursuant thereof including coercive proceedings and lookout notices issued against the Sahara Group chief and others.

The SFIO has filed the petition against the order of the Delhi HC and said, "ground of urgency is that all action and proceedings undertaken under the orders dated October 31, 2018, and October 27, 2020, passed by the Central Government have stayed which seriously prejudiced the ongoing investigations and proceedings which necessitated urgent listing of the captioned petitions."

Therefore, the statutory corporate fraud investigating agency has sought a stay on the Delhi High Court order dated 13 December 2021.