Sahara files contempt petition in Supreme Court against SEBI

New Delhi, Dec 2 (IANS) Sahara has moved the Supreme Court and claimed that SEBI seeking a Rs 62,000 crore deposit from it is a clear case of contempt of court and to cause public outrage against Sahara.Sahara India Pariwar, filed a contempt petition in the Hon'ble Supreme Court against SEBI and prayed to the apex court to punish the concerned officials in SEBI for its conduct. Sahara claims, SEBI's application seeking deposit of Rs. 62,602 crores by Sahara is absolutely wrong and SEBI has done contempt of court. Sahara in its petition has accused that, to mislead the apex Court and to cause public outrage against Sahara, SEBI has filled a baseless and unfounded application. Sahara says that the apex court in its order dated February 6, 2017, had directed that it is concerned with the principal amount and the issue of interest shall be adverted to later but SEBI in utter disregard of the directions has been including interest amount. Sahara says that, it seems that SEBI has developed certain vested interests to evade the verification exercise on flimsy pretexts. As on date, an amount of Rs. 22,500 crore is lying in the SEBI-Sahara Refund Account against the principal amount of Rs 24029.73 crores meaning Sahara is supposed to deposit only Rs. 1529 crores towards principal amount. The only purpose of SEBI's application is to create prejudice and to ensure deterioration of public confidence in the entire Sahara group. It is really not expected from such re pharma, bio-technology, life sciences, information technology, gaming and sports, etc.The government would support the operation of the Punjab Innovation Mission and Punjab Innovation Fund by providing for the operational expenditure for first three years, amounting to Rs 10 crore.
--IANS vg/vd