Tag Archives: Subrata Roy

Sahara SEBI Issue – Statement from Keshav Mohan, Advocate

We are disappointed with the judgment that has been delivered by the Hon’ble Supreme Court earlier today. We are still in the process of reading and understanding the judgment. The voluminous evidence that we have already submitted to substantiate our stance may have possibly been misunderstood.We maintain that we have already refunded to 93% of our investors. Most of the payments made were in cash, as per the RBI norms and in accordance

with SEBI and SAT orders. In addition to ledger entries, we had also submitted original vouchers, receipts and other concerned documents in original being physical proof of the payments and are with SEBI pending verification.

We expect to return to the Hon’ble Court in the near future with further evidence of our compliance of the Hon’ble Court’s previous orders, and to satisfy the Hon’ble Court of our earnest intentions moving forward.

The Hon’ble Court has indicated that it expects us to make a new proposal. Since the beginning, we have been trying hard to present the best practical proposal. We have always maintained that this will be actually a double payment which we are asked to make hence a serious relook into the business and financial status is required each time. In light of today’s direction, we will try our best to derive a fresh proposal to the best of our capacity and  hoping to satisfy the Hon’ble Court. For this, we would also apply to the Hon’ble Court that our properties and bank accounts be defreezed so that we are in a position to come up to the expectations of the Hon’ble Supreme Court.

We take this opportunity to reiterate our deep and abiding respect for the Hon’ble Supreme Court of India and our commitment to follow the order in letter and spirit.

Keshav Mohan


Supreme Court Orders Sebi not to read further advertisements

In SEBI Sahara Case, today SEBI started its arguments on the contempt petition filed by SEBI alleging violation of the SC order dated 5-12-12 by Sahara. At the closing of arguments, counsel for SEBI stated that the arguments made by him also covered the contempt petitions earlier filed alleging breach of the order dated 31-8 -12 and argued that Shri Subrata Roy Sahara should also be held liable, besides the directors for the contempt. The Court however did not issue notice of contempt against Mr Subrata Roy Sahara, on the second contempt Petition

Whilst referring to affidavit filed by Sahara on 4-1-12, SEBI argued that in the said affidavit undertaking has been given, which has been violated.   The Hon’ble Supreme Court also enquired with SEBI, as to how the said other group companies, which are independent legal entities, are bound by the said affidavit, filed by the two Sahara companies.  Counsel for SEBI indicated that this issue will be addressed by him separately.
SEBI referred to an advertisement appeared in the news paper on 3rd Sept. 2012 calling it as an instance of contemptuous conduct of Sahara. The Hon’ble Court, on referring to the said publication, observed that the same does not amount to contempt and indicated that SEBI may not read further advertisements.