Sebi Petition Against Sahara

7/29/2019 Sebi Petition Against Sahara

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IN THE SUPREME COURT OF INDIACIVIL APPELLATE JURISDICTIONI.A. NO. OF 2013INCIVIL APPEAL NO.9813 OF 2011

IN THE MATTER OF:Sahara India Real Estate

Corporation Limited & Ors. Appellants

Versus

Securities and Exchange

Board of India & Anr. Respondents

WITH

CIVIL APPEAL NO. 9833 OF 2011

Sahara Housing Investment


Versus




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APPLICATION FOR FURTHER DIRECTIONS IN TERMS OF ORDERDATED 31.08.2012 PASSED BY THIS HONBLE COURTTO

THE HONBLE THE CHIEF JUSTICE OF INDIAAND HIS COMPANION JUSTICES OF THESUPREME COURT OF INDIA.

THE HUMBLE APPLICATION OF THEAPPLICANT/ RESPONDENT NO.1ABOVENAMED.

MOST RESPECTFULLY SHEWETH:1. This application has become necessary in view of the

recalcitrant attitude of the two Sahara companies (SIRECL and

SHICL), their Directors and Shri Subrato Roy Sahara, their promoter

(Saharas). The directions contained in the judgment dated

31.08.2012 were not complied with. Even the installments and

other directions given by this Hon'ble Court dated 05.12.2012 were

not complied with. Thereafter, the Applicant herein has passed

two orders on 13.2.2013 to implement the directions of this Honble

Court contained in its two orders dated 31.08.2012 and 05.12.2012.

Even the simple directions of furnishing data, giving details of

properties, disclosing the nature of the entities wherein the

investments has been made, as required by these orders, has not


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been complied with. Shockingly, although the two companies

assured this Hon'ble Court that only Rs. 351 crores are payable in

the year ending 31.03.2013 and all the bonds, except one category,

are not redeemable, it is now claimed that except Rs. 2620 Crores

all other amounts have been refunded. In view of the open,

continued and consistent defiance of the orders of this Hon'ble

Court and the orders of SEBI, it is necessary that drastic measures

are taken to protect the interest of three crores investors.

2. The Applicant is filing the present application seeking further

directions from this Honble Court in terms of directions of this

Honble Court in order dated 31.08.2012 passed in this appeal to

allow SEBI, Whole Time Member [hereinafter referred to as SEBI

(WTM)] to give public notice seeking applications from the genuine

investors for refund of money and after due verification of their

genuineness, to refund the money to them, allow SEBI [WTM] to

examine genuineness of all the investors who submit their claims,

appoint Officer On Special Duty to deal with objections and/or

claims relating to property to be sold and other officers for

conducting sale, permit SEBI to take measures for arrest and


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detention in civil prison of promoter and two male directors of

Saharas, to deposit the passports of these persons.

3. By common order dated 31.08.2012, referred to above,

passed in Civil Appeal Nos. 9813 of 2011 and 9833 of 2011, this

Honble Court found, on facts as well as law, no illegality in the

proceedings initiated by SEBI, as well as in the order passed by SEBI

[WTM] dated 23.06.2011 and that dated 18.10.2011 passed by

Securities Appellate Tribunal [hereinafter referred to as SAT] and

they were accordingly upheld. This Honble Court, in modification of

the directions issued by SEBI [WTM], which were endorsed by SAT,

issued following directions:

"1. Saharas (SIRECL & SHICL) would refund the amounts

collected through RHPs dated 13.3.2008 and 16.10.2009

along with interest @ 15% per annum to SEBI from the date

of receipt of the subscription amount till the date of

repayment, within a period of three months from today,

which shall be deposited in a Nationalized Bank bearing

maximum rate of interest.

2. Saharas are also directed to furnish the details with

supporting documents to establish whether they had refunded

any amount to the persons who had subscribed through RHPs


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dated 13.3.2008 and 16.10.2009 within a period of 10 (ten)

days from the pronouncement of this order and it is for the

SEBI (WTM) to examine the correctness of the details

furnished.

3. We make it clear that if the documents produced by

Saharas are not found genuine or acceptable, then the SEBI

(WTM) would proceed as if the Saharas had not refunded any

amount to the real and genuine subscribers who had invested

money through RHPs dated 13.3.2008 and 16.10.2009.

4. Saharas are directed to furnish all documents in their

custody, particularly, the application forms submitted by

subscribers, the approval and allotment of bonds and all other

documents to SEBI so as to enable it to ascertain the

genuineness of the subscribers as well as the amounts

deposited, within a period of 10 (ten) days from the date of

pronouncement of this order.

5. SEBI (WTM) shall have the liberty to engage

Investigating Officers, experts in Finance and Accounts and

other supporting staff to carry out directions and the

expenses for the same will be borne by Saharas and be paid

to SEBI.


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6. SEBI (WTM) shall take steps with the aid and

assistance of Investigating Authorities/Experts in Finance and

Accounts and other supporting staff to examine the

documents produced by Saharas so as to ascertain their

genuineness and after having ascertained the same, they

shall identify subscribers who had invested the money on the

basis of RHPs dated 13.3.2008 and 16.10.2009 and refund

the amount to them with interest on their production of

relevant documents evidencing payments and after counterchecking the records produced by Saharas.

7. SEBI (WTM), in the event of finding that the

genuineness of the subscribers is doubtful, an opportunity

shall be afforded to Saharas to satisfactorily establish the

same as being legitimate and valid. It shall be open to the

Saharas, in such an eventuality to associate the concerned

subscribers to establish their claims. The decision of SEBI

(WTM) in this behalf will be final and binding on Saharas as

well as the subscribers.

8. SEBI (WTM) if, after the verification of the details

furnished, is unable to find out the whereabouts of all or any

of the subscribers, then the amount collected from such

subscribers will be appropriated to the Government of India.


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9. We also appoint Mr. Justice B.N. Agrawal, a retired

Judge of this Court to oversee whether directions issued by

this Court are properly and effectively complied with by the

SEBI (WTM) from the date of this order. Mr. Justice B.N.

Agrawal would also oversee the entire steps adopted by SEBI

(WTM) and other officials for the effective and proper

implementation of the directions issued by this Court. We fix

an amount of Rs.5 lakhs towards the monthly remuneration

payable to Mr. Justice B.N. Agrawal, this will be in addition totravelling, accommodation and other expenses,

commensurate with the status of the office held by Justice

B.N. Agarwal, which shall be borne SEBI and recoverable from

Saharas. Mr. Justice B.N. Agrawal is requested to take up this

assignment without affecting his other engagements. We also

order that all administrative expenses including the payment

to the additional staff and experts, etc. would be borne by

Saharas.

10. We also make it clear that if Saharas fail to comply

with these directions and do not effect refund of money as

directed, SEBI can take recourse to all legal remedies,including attachment and sale of properties, freezing of bank

accounts etc. for realizations of the amounts.


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11. We also direct SEBI (WTM) to submit a status report, duly

approved by Mr. Justice B.N. Agrawal, as expeditiously as

possible, and also permit SEBI (WTM) to seek further

directions from this Court, as and when, found necessary."

4. Saharas failed to comply with direction No.4 aforementioned

as it did not submit any of the documents enumerated thereunder to

SEBI within the period of 10 days as required under the said

direction to enable SEBI [WTM] to ascertain the genuineness of the

subscribers as well as the amounts deposited. Under direction No.6, SEBI [WTM] was required to verify the genuineness of the

subscribers and the amount deposited by them with the aid and

assistance of the persons enumerated thereunder in case the

documents would have been submitted in accordance with direction

no. 4. According to direction no. 7, if upon verification of the

documents aforementioned, SEBI [WTM] found that the

genuineness of the subscribers was doubtful, he was required to

give an opportunity to SHICL to establish their genuineness. Under

direction no. 8, in case the SEBI [WTM], after verification of the

documents furnished, was unable to find out the whereabouts of all

or any of the subscribers, then the amounts collected from such


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subscribers were liable to be appropriated to the Government of

India. As mentioned above, no document was furnished by SHICL

within the stipulated 10 days period.

5. In the common order dated 31.08.2012, direction no. 2

required Saharas to furnish details with supporting documents to

establish as to whether SHICL and SIRECL had refunded any

amount, within 10 days i.e. by 10.09.2012. This direction was not

complied with. By an order dated 5.12.2012, this Honble Court

granted 15 days to SHICL and SIRECL to furnish documents

pertaining to refunds made. SHICL and SIRECL submitted

documents in 127 trucks which even according to them contained

only 75% of the entire documents required to be submitted. Despite

SEBI setting out the manner in which the documents should be

furnished, the documents that were delivered to SEBI were found to

have been hopelessly mixed up whereby the application forms and

the redemption vouchers appear to have been deliberately

separated. This was also noted in the third status report filed by

SEBI [WTM] and duly approved by Mr. Justice B. N. Agrawal.

Direction No.3 states that if the documents are not found to be

genuine or acceptable, then SEBI [WTM] would proceed as if

Saharas had not refunded any amount to the real and genuine


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subscribers who had invested money through RHPs dated 13.3.2008

and 16.10.2009.

6. Since, the documents are not furnished in the manner

prescribed by SEBI and further they have been hopelessly mixed up

making it virtually impossible to correlate the application and the

redemption vouchers, the same are, therefore, not acceptable, as

recorded in the SEBI (WTM) order dated 13.02.2013.

7. Saharas did not comply with the directions issued by this

Honble Court in its order dated 31.08.2012 for making the deposit

of money on or before 30.11.2012. Just before the last date for

payment of money, SIRECL and SHICL filed Appeal No. 221 of 2012

before SAT and that Appeal was dismissed on 29.11.2012. Against

this order of SAT, SIRECL filed an Appeal being C. A. No. 8643 of

2012 before this Honble Court.

8. The said Appeal was disposed by this Honble Court on

05.12.2012 with the following directions:-

I) The appellants shall immediately hand over the

Demand Drafts, which they have produced in Court, to


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SEBI, for a total sum of Rs. 5120/- Crores and deposit the

balance in terms of the order of 31st August, 2012,

namely, Rs. 17,400/- Crores and the entire amount,

including the amount mentioned above, together with

interest at the rate of 15 per cent, per annum, with

SEBI, in two installments. The first installment of

Rs.10,000/-Crores, shall be deposited with SEBI within

the first week of January, 2013. The remaining

balance, along with the interest, as calculated, shall be

deposited within the first week of February, 2013. The

time for filing documents in support of the refunds made to

any person, as claimed by the appellants, is extended by

a period of 15 days. On receipt of the said documents,

SEBI shall implement the directions contained in the order

passed on 31st August, 2012. In default of deposit of the

said documents within the stipulated period, or in the event

of default of deposit of either of the two installments, the

directions contained in paragraph 10 of the aforesaid

order dated 31st August, 2012, shall immediately come

into effect and SEBI will be entitled to take all legal

remedies, including attachment and sale of properties,


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freezing of bank accounts etc. for relisation of the balance

dues.

9. Thus, on a combined reading of the two orders of this

Honble Court, it is clear that the amounts that were to be refunded

to the investors by SHICL and SIRECL should have been deposited

as per the following directions in the order dated 05.12.2012 passed

by this Court:-

i. A sum of Rs. 5120 crores by way of a demand drafts

[which were produced in court] were to be handed over immediately to

SEBI

ii. The first instalment of Rs. 10000 crores to be

deposited within 1st week of January, 2013; and

iii. Remaining balance, along with interest to be

deposited within 1st week of February, 2013.

10. Saharas have neither paid the amounts on or before

30.11.2012, as required in terms of order dated 31.08.2012, nor did

it pay the first and second installments mentioned above and,


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therefore, have failed to comply with the orders of this Honble

Court in C. A. Nos.9813 and 9833 of 2011 and 8643 of 2012.

Saharas have also failed to comply with direction Nos. 2 and 4

contained in the order dated 31.08.2012, as stated above.

Consequently, SEBI was constrained to take necessary action by

passing the order in terms of direction No. 10 contained in the order

dated 31.08.2012 passed by this Honble Court and reiterated in the

order dated 05.12.2012 for attachment and sale of properties and

freezing of bank accounts, etc.

11. In view of the above, SEBI [WTM] passed order on

13.02.2013 attaching all the assets mentioned at Serial nos.1 to 9 of

Table A mentioned in the said order. By the said Order, SEBI

[WTM] has also attached all immovable properties and movable

properties of SIRECL and SHICL directing them not to transfer or

encumber the same in any manner and to furnish full details of

immovable properties, details pertaining to development rights,

names of special purpose vehicles, details of investments, other than

those enumerated above, details of companies and firms

enumerated in the said affidavit filed before this Honble Court on

04.01.2012 and share certificates of Amby Valley described above.


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All the bank accounts of SHICL, its demat accounts and investments

made by it in the banks were attached directing the banks to

transfer the amount to SEBI SAHARA Refund Account. SIRECL

and SHICL were restrained from operating all its banks accounts

including demat accounts, redeeming or disposing of mutual funds

investments, from transferring shares held by it and withdrawing

investments made in the banks. It was directed to recover

investments in partnership firms of Sahara Group and loans

advanced and deposit the same with SEBI. SIRECL and SHICL were

also directed to deposit cash and other receivables as enumerated at

Sl. No. 13 of Table A in the said order. By the said order bank

accounts of the aforesaid promoters and directors have also been

frozen, their immovable and movable properties attached and they

have been restrained from transferring or in any manner

encumbering the same. They were directed to furnish details of

their immovable and movable properties.

12. The Applicant has served the aforesaid order on the Banks of

Saharas, systemically important NBFCs, Mutual Funds, Depositories,

Revenue Authorities, NABARD, Reserve Bank of India and

Enforcement Directorate. The Applicant also issued newspaper

advertisements about the attachment order cautioning investors and


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others. So far Applicant has received responses from 325 banks and

an amount of Rs. 19.07 Crores has been transferred to Applicants

Sahara Refund Account by six banks, and three banks have frozen

an amount of Rs. 86.57 Lacs and 31[11] 6 banks have stated that

they have no accounts of those entities/persons. The Applicant is

following up with remaining banks etc.

13. According to the finding recorded in the order dated

13.02.2013 passed by SEBI [WTM], referred to above, Saharas have

failed to comply with direction No. 4.

14. It may be relevant to state that in the meantime, on the

basis of whatever documents were deposited by Saharas, upto

20.12.2012, officials employed by SEBI for the verification of the

documents started verification work during the course of which the

first step which was taken was to scan the documents produced by

Saharas till 20th December, 2012 pursuant to order dated

05.12.2012 passed by this Honble Court in Civil Appeal No. 8643 of

2012, as such, the work of scanning of most of the documents

commenced in the presence of representatives of Saharas.

Approximately 1.85 crores applications have been already

scanned. In the meantime, apart from scanning, the work of data

feeding also commenced. Many complaints were also received by
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what happened to the said envelopes, whether the same have been

delivered or not. A chart showing the details of notices sent to the

investors is annexed to this application as ANNEXURE- A/1

(PAGE ) .

15. After passing of the aforesaid order dated 13.02.2013 by

SEBI [WTM], SEBI filed an additional affidavit dated 20.02.2013 in

Contempt Petition No. 412/2012 stating therein that in view of the

aforesaid order passed on 13.02.2013, SEBI was not required to

continue with the other steps, except the scanning of the

documents. So far scanning of the documents is concerned, it was

stated in the affidavit that it was essential to go ahead with the

same in order to have a back up of the original documents, as such,

the scanning work is going on. So far further data feeding and

sending notices to the Debenture Holders is concerned, the

Applicant will take steps when permission is accorded by this

Honble Court.

16. The total number of notices sent to Debenture Holders which

have been returned back, as stated above, is 7733 and that

responded by Debenture Holders is 233. Out of 21253 Debenture

Holders, 233, as stated above, responded and filed their documents

for refund and their ratio is 1.09% of 21,253. As at least 1.09%


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investors have submitted the documents and as such the amount

invested by them together with interest at the rate of 15% per

annum may be directed by this Honble Court to be refunded out of

sum of Rs. 5120 Crores deposited by Saharas with SEBI. In case

the refund claims are found for an amount more than the monies

made available by the Respondents, investors will be refunded on

prorata basis for the time being and the remaining amount of such

investors shall be paid on realization of balance money.

17. The whole object of this exercise done by SEBI [WTM] and

the final order passed therein by him, the order of confirmation

passed by SAT and the final order passed by this Honble Court on

31.08.2012 was to protect interest of the genuine investors and

defeat the claims of others. Most of the 233 Debenture Holders

appear to be low income persons. As Saharas have failed to carry

out direction No. 4 in its entirety by not submitting documents

within 10 days, as stated in Order dated 31.08.2012, which was

never extended later on, the amount of Rs. 5120 Crores deposited

by Saharas under the orders of this Honble Court passed on

05.12.2012 is liable to be appropriated to the Government of India

in view of the directions in order dated 31.08.2012 unless any

contrary order is passed. But keeping in mind the low income


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investors, this Honble Court may kindly consider the desirability of

refunding of monies to them. It is submitted that irrespective of the

percentage of the genuine investors, even if there is one genuine

investor, he is required to be paid the amount invested by him

together with interest at the rate of 15% per annum from the date

of deposit till payment as the only purpose of passing order by this

Honble Court was to protect the interest of genuine investors.

According to the Applicant, the purpose of the Order would be

better served by allowing SEBI to give public notice seeking

Applications from the genuine investors for refund of money and

after due verification of their genuineness, to refund the money to

them. Further, this Honble Court may consider the desirability of

permitting SEBI to examine genuineness of all the investors who

stake their claims with SEBI in response to public notice to be issued

with the aid and assistance of Investigating Authorities/experts in

finance and other supporting staff as enumerated in direction no. 6

so that no genuine investor suffers for no fault of his. This is

essential because genuine investors should not suffer for want of

failure of Saharas. As the Applicant has been established primarily

for protecting the interest of investors in securities, it is their


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bounden duty to ensure that genuine investors are refunded their

investments.

18. Further, before effecting sale of properties, objections or

claims may arise and for dealing with the same, SEBI (WTM), with

the concurrence of Mr. Justice B. N. Agrawal, be permitted to

appoint suitable Officers On Special Duty on appropriate terms and

conditions for implementation of directions of this Honble Court.

Apart from this, SEBI (WTM), with the concurrence of Mr. Justice B.

N. Agrawal, be also permitted to appoint suitable officers to conduct

sale of properties for realization of the amount and deliver vacant

possession of property to the purchaser.

19. It may not be out of place to mention that while approving

the 5th Status Report dated 12th March, 2013 submitted by SEBI

[WTM}, Mr. Justice B.N. Agrawal has observed and noted that for

effecting expeditious refund of money, as directed by this Honble

Court, it would be just and expedient to take the measures for arrest

and detention in civil prison of promoter of Saharas, Shri Subrata

Roy Sahara and two male directors viz., Shri Ashok Roy Choudhary

and Shri Ravi Shankar Dubey, which steps should be taken after

giving reasonable opportunity of hearing to them. Therefore, for


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the reasons stated by Mr. Justice B.N. Agrawal, referred to above,

it is submitted that SEBI [WTM] may be permitted by this

Honble Court to take the aforesaid measures against the promoter

and directors referred to above. A true copy of Fifth Status

Report dated 12.03.2013 by SEBI (WTM) together with notes of Mr.

Justice B. N. Agrawal which has been filed on 13.03.2013 is

hereto annexed and marked as ANNEXURE A/2

(PAGES TO ) .

20. It may be stated that Mr. Justice B. N. Agrawal while

approving Fifth Status Report dated 12.03.2013 has further

observed and noted that it would be desirable to take steps against

the promoter of Saharas Shri Subrata Roy Sahara and their three

directors, viz., Shri Ashok Roy Choudhary, Shri Ravi Shanker Dubey

and Ms. Vandana Bhargava for depositing their respective passport

with the Secretary General of this Honble Court and restraining

them from leaving this country without the prior permission of this

Honble Court. Therefore, for the reasons stated by Mr. Justice B.N.

Agrawal, referred to above, it is further submitted that this Honble

Court may be pleased to consider desirability of directing the

promoter and directors, referred to above, to deposit their


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respective passport with Secretary General of this Honble Court and

restraining them from leaving this country without permission of this

Honble Court.

P R A Y E RIn view of the above, it is prayed that this Honble Court may be

pleased to:

(a) pass an order permitting SEBI [WTM] to give public

notice seeking applications within a time frame specified by

SEBI from the genuine investors for refund of money and

after due verification of their genuineness, to refund the same

to them;

(b) pass an order allowing SEBI [WTM], with the aid and

assistance of investigating authorities/ experts in finance and

other supporting staff as enumerated in direction NO 6

referred to above, to examine genuineness of the investors

who respond to the aforesaid notice and SEBI's

communications as referred to in para 16 above and upon

conclusion of the enquiry, whosoever is found genuine, to


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refund the money invested by them together with interest at

the rate of 15% from the date of deposit till payment and in

case the refund claims are found for an amount more than the

monies made available by the Respondents, to refund on

prorata basis for the time being and the remaining amount of

such investors shall be paid on realization of balance money;

(c) pass an order permiting SEBI (WTM), with the

concurrence of Mr Justice B.N.Agrawal, to appoint suitable

Officers on Special Duty on appropriate terms and conditions

to deal with objections and/or claims that may arise in the

course of implementation of directions of this Honble Court

and also to appoint suitable officers to conduct sale of

properties for realisation of the amount and deliver vacant

possession of property to the purchaser;

(d) pass an order permitting SEBI [WTM] to take measures

for arrest and detention in civil prison of promoter of Saharas

Shri Subrata Roy Sahara and the two male directors, viz., Shri

Ashok Roy Choudhary and Shri Ravi Shankar Dubey after

giving reasonable opportunity of hearing.


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(f) pass an order directing the promoter of SIRECL and

SHICL- Shri Subrata Roy Sahara and their Directors, viz., Shri

Ashok Roy Choudhary, Shri Ravi Shankar Dubey and Ms.

Vandana Bhargava to deposit forthwith their respective

passport with the Secretary General of this Hon'ble Court and

not to leave the country without the prior permission of this

Hon'ble Court; and

(g) pass such other and/or further order(s) as this Honble

Court may deem fit and proper in the facts and circumstances

of the case.

AND FOR THIS ACT OF KINDNESS, THE APPLICANT/RESPONDENT

NO.1 SHALL, AS IN DUTY BOUND, EVER PRAY.

FILED BY


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M/s. K.J.JOHN & CO.,Advocate for the Applicant/Respondent No.1.

FILED ON: 14.03.2013




Versus



WITH



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Versus



AFFIDAVITI, Anubhav Roy, S/o Shri R.C. Roy, aged about 34 years, presently

working as Assistant Legal Advisor, Securities and Exchange Board of

India, Northern Regional Office, Bank of Baroda Building, 5th Floor, 16,

Parliament Street, New Delhi 110 001, do hereby solemnly affirm and

state as under:

1. I am fully conversant with the facts and circumstances of the

present case and am authorized and competent to depose to the

present Affidavit on behalf of the Applicant.

2. I have gone through the contents of the accompanying

Application and say that the facts stated therein are true and correct

to my knowledge as derived from the records maintained by the


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Applicant and the submissions made therein are on advice received

from the Advocates for the Applicant and believed to be true.

3. I say that the annexures to the Application are true and

correct copies of their respective originals.

DEPONENT

VERIFICATION:Verified at New Delhi on this the 13th day of March, 2013 that the contents

of paragraphs 1 to 3 of my above affidavit are true and correct, no part of

it is false and nothing material has been concealed there from.

DEPONENT




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Versus



WITH




Versus



AN APPLICATION FOR FURTHER DIRECTIONS IN TERMS OF ORDERDATED 31.08.2012 PASSED BY THIS HONBLE COURT

PAPER BOOK


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(FOR INDEX : PLEASE SEE INSIDE)

ADVOCATES FOR THE APPLICANT/ RESPONDENT NO.1: M/S.K.J.JOHN & CO.

INDEX

SL.NO.PARTICULARS PAGE(S)

1. An Application for further directions in terms of orderdated 31.08.2012 passed by this Honble Court withaffidavit in support.

1-22

2. ANNEXURE A/1:Copy of chart showing the details of notices sent tothe investors. 23

3. ANNEXURE A/2:Copy of Fifth Status Report dated 12.03.2013 bySEBI (WTM) together with notes of Mr. Justice B. N.Agrawal which has been filed on 13.03.2013

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[11]Please check.
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Documents

Sebi Petition Against Sahara