Sebi moves Supreme Court in Sahara case

Sebi moves Supreme Court in Sahara case
New Delhi:

Sebi today moved the Supreme Court (SC) seeking contempt action against the Sahara Group over non-implementation of the court's order asking the group to furnish all documents relating to its two companies directed to refund Rs 24,000 crore to their investors.

The Supreme Court had on August 31 directed two Sahara group firms - SIRECL and SHICL - to refund the money within three months with 15 per cent interest per annum for violating norms in raising funds from the public.

Last week, the Securities and Exchange Board of India (Sebi) said it plans to hire professional investigating agencies to help it probe matters relating to Sahara group for implementation of a Supreme Court order about refund of the money.

The market watchdog has already asked the investors against yielding to any pressure from "Saharas or their agents" for switching over their investments in two Sahara companies -- SIRECL and SHICL -- to other group companies.