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In a fresh turn of events in the Sahara case, the Reserve Bank of India (RBI) on Friday moved the Supreme Court, seeking to implead itself as a party in the company’s tussle with the Securities and Exchange Board of India (Sebi). It also sought to stop one of its firms from disposing assets for securing the release of its chief, Subrata Roy.
It has asked the apex court to restrain Sahara India Financial Corporation Ltd (SIFCL) from utilising any of its assets, including securities, for paying dues to Sebi on the ground that SIFCL is a residuary non-banking financial firm and falls under its (RBI’s) regulatory control.
The apex court, on June 4, 2014, had modified its 2013 order “to the extent of permitting alienation of the securities and assets of the group companies of Sahara, including SIFCL, for the purpose of making payments under the directions of the Supreme Court.”
The apex court has set a condition that Roy has to deposit Rs 10,000 crore to ensure his release from Tihar jail where he has been lodged since March 4, 2014.
It has also sought a direction to “credit to an escrow account with any nationalised bank if any amount already deposited in the Sebi-Sahara Refund Account or account of the partnership firm Sahara India or any other group derived out of the assets of SIFCL.”
RBI said it was necessary to ensure the funds of the company were utilised for the purpose of repayment to the depositors and not being diverted on the pretext of complying with the directions of the apex court.
The plea said, “RBI had carried out the inspection of the company at an annual intervals under RBI Act and it was noticed that the deposit-taking activity of SIFCL were not in conformity with prudent practices and its directions were being violated.”
The plea has also sought direction to SIFCL to disclose the details of its assets and Aggregate Liability to depositors of the company as on December 31, 2014.
The statutory auditors of the company (SIFCL) had said it had sold securities from “the directed investments maintained in terms of paragraph 6(1)(b) of the Residuary Non-Banking Financial Company Direction, 1987” and transferred an amount of Rs 94.85 crore to the Sebi-Sahara Account during June 2014, subsequent to the Supreme Court order of June 4, it said.
