The Sahara group and its promoter Subrata Roy, on Monday, told the Supreme Court that no case of contempt was made out against them as they had complied with its directions on the issue of supplying documents to the Securities and Exchange Board of India (SEBI) and had started refunding Rs.24,000 crore to its investors.
The Sahara group mentioned the matter before a bench headed by Justice K. S. Radhakrishnan and said they had filed affidavits relating to the contempt notice and needed more time to file a response in relation to the application by the stock market regulator seeking civil arrest or detention of Mr. Roy and other directors.
The bench said it would consider its plea on May 2.
Sahara’s plea was mentioned by senior advocate Ram Jethmalani and advocate Keshav Mohan.
Sahara and its promoters filed around 10 affidavits and two additional affidavits are likely to be filed soon.
The counsel said there was no case of wilful disobedience of the apex court order as the documents had been supplied to SEBI and on December 5, 2012, the issue of depositing money was also considered by the court.