NEW DELHI: The Supreme Court on Tuesday asked market regulator Sebi whether other Sahara companies should face contempt of court proceedings and made liable for violating the court order directing Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation (SHICL) to refund Rs 24,000 crore.
The bench of Justices K S Radhakrishnan and J S Khehar asked, "What is the connection of SIRECL and SHICL with other group companies? Can we, while pursuing these two companies, order attachment of the assets of other group companies? Before us, only these two companies had given an undertaking that they had invested the monies in other group companies. But the other companies had not stood surety for these two companies."
Sebi counsel Arvind Datar termed the Sahara group as a "single economic entity" and said for the default of one of the companies within the single entity, the court could proceed against the group and its companies.
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