The Supreme Court on Wednesday came down heavily on Sahara for not refunding 24,000 crore rupees to investors.
"Sahara chief Subrata Roy and directors of its two companies will have to appear before it if its order is not complied with," said an apex court bench of Justices K.S. Radhakrishnan and J S Khehar.
The apex court also pulled up Securities Appellate Tribunal (SAT) for restraining SEBI from taking coercive action against Sahara as ordered by the apex court.
The apex court which said that Sahara group must refund the amount by August 31 or face personal appearance, however, refrained from passing orders as the counsel for Roy pleaded that no such order be passed without hearing him and posted the case for hearing on July 24.
The Supreme Court also restrained other courts and tribunals, including SAT from passing any order in the matter.
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