Sahara Group on Friday said it has filed a petition in the Supreme Court challenging the Allahabad High Court order, which necessitated the company to share full details of investors participating in its fund raising exercise with SEBI.
Accusing the SEBI of defaming the company through media, Sahara Group said in a late night statement, “We have given more than 90 per cent information.”
It also said the company “offered and agreed to provide information to SEBI, without prejudice to its rights and contention, during pendency of the writ petition challenging the jurisdiction of SEBI, but SEBI has not done any thing in inquiry except only to defame us through media.”
It further added the stay was vacated for the reason that the group could not supply certain information to SEBI in time. Asserting that it is not “accepting deposit”, Sahara Group said it is a “law abiding firm.”
The group accused the regulator of not honouring its undertaking given in the high court. “Though the counsel for SEBI had assured and undertaken in the Hon'ble High Court, under instructions from SEBI .... very categorically, that the data provided by the company shall be used only for the purpose of their inquiry and SEBI will not misuse or publicise the same. Sahara supplied certain information ...to SEBI but after receiving the data, SEBI has vide its letter ...refused to abide by the assurance undertaking given by the counsel for SEBI in the high Court.”
Two entities of Sahara Group — Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd — were raising money through optionally fully convertible debentures.
SEBI had asked the Sahara group to share investors' details, a direction which was initially opposed by Sahara.
Sahara had filed petition in the Allahabad High Court in December last year and got a stay on SEBI's directive. In January SEBI moved the Supreme Court which allowed the regulator “to call for any information which it deems fit including the names of the investors who have invested in OFCDs...”
SEBI, on April 5, filed an application before the High Court for the vacation of the interim order and dismissal of the writ petition on the ground that “the said interim order is not complied with till date and the requisite information as asked for by the SEBI has not been provided”.