SC stays HC order to produce Sahara Group chief

SC stays HC order to produce Sahara Group chief
Source: Inhouse illustration

One-liner: The Supreme Court on Friday stayed the Patna HC order directing the DGP, Bihar, to produce Sahara Group chief Subrata Roy before it on May 16.

Investors' money: It relates to a matter in which it was said that some companies of the Group were not returning money to the investors.

HC order stayed: The SC also stayed the separate order passed by the HC which had on Feb 11 directed to add Sahara Credit Cooperative Societies Limited and Roy as opposite parties.

Roy told to appear: On April 27, the HC had directed Roy to personally appear before it noting that Sahara Group and other companies have been taking deposits till about a month ago.

  • It directed the group to come up with a plan for the return of investment of the investors

Hearing on May 19: A bench issued notice on the petition filed by the Sahara chief challenging the HC orders and posted the matter for hearing to May 19.

Bail plea: Senior advocate Kapil Sibal, appearing for the petitioner, told the bench the HC had passed these orders while hearing an anticipatory bail plea of the petitioner.

Money lying with SEBI: Sahara Group has come up with a plea that ₹25K Cr belonging to Sahara Credit Cooperative Society has been lying with the SEBI.

Ready to pay investors: The group also said it is ready to pay the investors' investment if SEBI returns the amount to them as per the order of the Supreme Court dated Aug 31, 2012.

Source: PTI

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