Sahara Debacle Supreme Court refuses to extend deadline Saharas Interim Application dismissed

The Supreme Court today dismissed the Interim Applications filed by two Sahara Group companies seeking an extension of the deadline for depositing money with the Securities and Exchange Board of India..The Supreme Court has today dismissed the Interim Applications filed by two Sahara Group companies seeking an extension of the deadline for depositing money with the Securities and Exchange Board of India (SEBI)..The matter was heard by a three judge Bench comprising of Chief Justice Altamas Kabir and Justices Anil R. Dave, and Vikramajit Sen..In December, 2012 a Bench headed by the Chief Justice had extended the deadline for refunds; the Court had directed the Sahara Group Companies to initially deposit Rs. 5,120 crore and pay the remainder in two instalments in January and February..The two Sahara Group Companies had now again moved applications for extension. The Court, instead of giving an extension, pulled up the Sahara Group Companies for not refunding the money to the investors..This decision comes close on the heels of the notice issued by the Supreme Court for contempt of its judgment dated August 31, 2012..As soon as the matter was taken up today, Supreme Court Bar Association President M.N. Krishnamani asked the Bench not to hear the matter as it should be referred to the Bench that had directed the two Sahara Group Companies to pay Rs. 24,000 crore to SEBI. The visibly agitated Chief Justice told Krishnamani that he should not make such statements when Krishnamani was not aware of the facts relating to the petition..“How do you know what is going to happen in the case. If something happens then you say. Kindly take your seat,” the Chief Justice said..Ram Jethmalani appearing for the Sahara Group Companies told the Court that the company needed more time to deposit the money and the documents. However, the Supreme Court refused to grant any relief..Recently, SEBI had ordered fthe reezing of bank accounts and attachment of all investments and properties of the two Sahara Group Companies and their top executives, including Group Chief, Subrata Roy.