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SC rejects Sahara's review plea, seeks Rs 24,000 crore refund

Corporate Jan 9, 2013

SC rejects Sahara plea on refund of Rs 24000 crore

The Supreme Court of India has rejected an appeal by the Sahara conglomerate seeking a review of the court's order last year to repay Rs 24,000 crire it raised from small investors by selling outlawed bonds.

A bench of justices K S Radhakrishnan and J S Khehar, which had passed a slew of orders against the group on August 31 last year, rejected Sahara's plea.

"All the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed," the bench said in its order.

A bench of justices K S Radhakrishnan and J S Khehar, which had passed a slew of orders against the group on August 31 last year, rejected Sahara's plea.

The bench said that all the contentions raised by the companies were considered by it while passing its August 2012 verdict and there is no need to review the same. "We have carefully gone through the grounds raised in the
review petitions filed by the appellants," the court said. "We also do not find any inconsistency in the views expressed by both of us. On the other hand, all the contentions, legally and factually, raised by the appellants were examined, addressed and answered on all possible angles and dimensions," the bench said.

The verdict on the review plea assumes significant as the firms have again filed a fresh application for extension of time for paying back to their investors.

Although the August 31 verdict was passed by a bench of justices Radhakrishnan and Khehar but another bench headed by Chief Justice Altamas Kabir on December 5 had modified the judgement granting the group nine more weeks to pay back Rs 24,000 crore with interest to over three crore investors.

Agencies


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