Of Sultans and Ankita

The latest hearing in the Sebi-Sahara case was as dramatic as always. As the Sebi counsel raised objections about Sahara not accepting offers it was receiving for the purchase of its foreign hotels, the judge asked, "One Sultan has run away, no problem. He (Sebi counsel) says some other Sultan is there. Why are you not taking it." Sahara had earlier informed the court that the Sultan of Brunei had retracted his offer for the properties after public protests in the US. Then, amicus curiae in the case, Shekhar Naphade, raised an objection about cheques being drawn in the names of third parties. When the Sahara counsel started reading the name of the payee - Ankita Realty - Naphade cut him short. "Who is this Ankita?" he asked to the amusement of those present in the the courtroom. Sahara lawyers took great pains to explain how it was one of their group companies and the payment was on account of transaction costs and taxes.