The Supreme Court on Monday rapped the Sahara group for not complying with its earlier order for refunding more than Rs 24,000 crores to about three crore investors.
The apex court said the intentions of Sahara is shaky and the company is trying to justify a conduct which is unjustifiable, media reports quoting the verdict said.
Market regulator Securities and Exchange Board of India (SEBI) in September had moved to the Supreme Court against the Sahara Group for failing to furnish details about two of its companies which were directed to refund around Rs 24,000 crore (Rs 27,000 with 15 percent interest) to their crores of investors.
In an application to the apex court, SEBI said that despite a previous order by the court, the diversified conglomerate has not furnished all documents, pertaining to the two firms, in their custody to the regulator by Sep 10.
On Nov 30, the Sahara group had moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) which had dismissing its appeal against SEBI in the case.