SEBI Sahara: Supreme Court restricts Sahara from selling property, Restrains contemnors from travelling abroad

The Supreme Court today barred the Sahara Group from selling its property and also restrained all contemnors including Sahara Group Chairman Subrata Roy from travelling abroad for failing to comply with its order of October 28..A Division Bench comprising of Justices KS Radhakrishnan and Jagdish Singh Khehar passed the order today in the contempt petition filed by Securities Exchange Board of India (SEBI) against Sahara for failing to deposit Rs. 24,000 crore with SEBI as ordered by the Court last year..Earlier when the matter was heard on October 28, the Court had directed Sahara to make available to SEBI the original title deeds of property worth Rs. 20, 000 crore within 3 weeks along with a valuation report of the same. It had then proceeded to pass an order restraining Subrata Roy and the other contemnors from leaving the country. However, Senior Counsel Aryama Sundaram had convinced the Court not to restrain the contemnors and the Court had relented to his plea..However, when the matter was heard yesterday, SEBI had submitted that Sahara had overvalued its property. It also told the Court that original title deeds were given only with respect to some of the property while only photocopies were handed over with respect to the remaining property. Unhappy with the uninspiring conduct of Sahara, the Court had remarked that “it was a mockery of our order”. The Court had, however, not passed any order yesterday as Sahara had sought for adjournment citing the absence of its arguing counsel..Senior Counsel Arvind Datar has been representing SEBI in the case while Senior Counsel Aryama Sundaram has been appearing for the contemnors..Image Courtesy.Justice KS Radhakrishnan.Justice Jagdish Singh Khehar