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On August 31, the Supreme Court said the OFCD schemes by Sahara India real estate Corporation and Sahara housing investment Corporation were illegal and asked the two companies to refund the money they Sahara collected from investors within 90 days, with 15% interest. It was directed by the companies to deposit the money with Sebi, which would then distribute to investors.
On Monday, a bank under the leadership of Chief Justice Altamas Kabir asked the two companies to tell whether they could repay the full amount of their investors within a week.
Justice Kabir, who is known for his cool attitude, had some harsh words for the companies for non-performance of the apex court order and said that the companies plea deserves not every hearing.
"Your intention is very shaky. Your every step is shaky, according to your need not interpret our order, "the bank said.
Senior lawyer Gopal Subramaniam, displayed for one of the companies, tried to justify to a refund of the full amount is not met, but the Bank strongly refuted him say: "you can change your behavior, that's not to justified righteous".
The Bank, however, granted a day time on the two companies to communicate if they could repay the money or not.
Market regulator SEBI also Sahara the petition against and that has already filed a contempt request against them and said that a strong action should be taken against them.
The Bank, however, said that it is more concerned about the ordinary man, who has invested his money in the companies.
"If you want me to send them to prison, we would send, but we more worried about the investment of the ordinary man," the Bank observed.
During the argument, Justice Kabir lost his cool as senior advocate Mukul Rohatgi, appearing for another firm to plead the case stood, Sahara.
"This is not the way. Even when the losses from your side, you have no right to jump, "said Justice Kabir questions Rohatgi to sit down.
With contributions from PTI
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