The Securities and Exchange Board of India (SEBI) on Wednesday informed the Supreme Court that the Sahara group had not fully complied with the order on submission of original documents for properties worth Rs.20,000 crore.
Title deeds
Making this submission before a Bench of Justices K.S. Radhakrishnan and J.S. Khehar, senior counsel Arvind P. Datar, appearing for SEBI said the Sahara group overvalued its properties and did not hand over all original title deeds of properties as indicated in the order.
He said while original documents for some of the properties were given, for others only photocopies had been supplied.
The Bench expressed its displeasure and told counsel, “It is a mockery of our order if it has been complied with in this way.” Counsel sought adjournment on the ground that the senior arguing counsel was not available and the Bench posted the matter for further hearing on Thursday.
On October 28, the court directed the Sahara group to hand over original title deeds of its properties worth Rs.20,000 crore to SEBI within three weeks and posted the matter for hearing on Wednesday.
