Lawstreet Journal

Supreme Court to hear plea filed by SFIO against Sahara Housing Investment Corporation Limited

Lawstreet Journal 26 May 2022 5:46pm

Image courtesy: Lawstreet Journal Judiciary Supreme Court to hear plea filed by SFIO against Sahara Housing Investment Corporation Limited

Supreme Court to hear plea filed by Serious Fraud Investigation Office challenging order of the Delhi High Court order staying the lookout circular issued by SFIO against Sahara Housing Investment Corporation Limited.

Solicitor General Tushar Mehta: The total amount involved is 1 lakh crore. The High Court has noted that considering layers of company involved in the probe could not be completed in 3 months and took years.

Justice Chandrachud asked the stand of Senior Advocate Kapil Sibal appearing for Sahara Housing, "What is your stand Mr Sibal, This a very extraordinary order of staying an investigation."

Sibal submits that this act came into 2013 and this investigation relates to 2011.

Sibal: There are 3 companies and extension is sought on for the Sahara Q Shop Unique Products repeatedly and no extension is sought for the other two companies.

Sibal: Now while they sought the second last extension they included everything and asked for the Sahara Group of Companies. Whereas, on the last extension sought, that was again for the Sahara Q Shop.

Sibal: There must be some record for the Board of Directors to be related.

Justice Chandrachud: How can they before the investigation say that the Board of Directors are accustomed to the act?

Justice Chandrachud: Once they say that the Chairman of the company is in full control and others are the family members and salaried employees.

Sibal: This is unrelated to these 3 companies.

Justice Chandrachud: We'll say that these are the submissions, we'll not go into the writ petition as it is pending but will… Continue Reading...

Tagged: Sahara group   Supreme Court of India   Serious Fraud Investigation Office   Delhi High Court   Sahara Housing Investment Corporation Limited   Tushar Mehta   Justice Chandrachud   Senior Advocate Kapil Sibal   Section 219   Subrata Roy  
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