Our Supreme Court has already passed an order that two of the Sahara Group Companies must return Rs 27000 crs to the Investors by November 30,2012 ~ SEBI had refused to accept tonnes of documents in several truckloads from the Sahara Group and had approached the Apex Cpurt for complaining against the Sahara Group for contempt of Court in not adhering to the Court Order ~ Last week SEBI and SAT also refused to accept the payorder of Rs 5120 crs prompting Sahara to move the Apex Court for relief and they yet again positioned themselves aggressively against SEBI
The Apex Court simply refused to listed to the Sahara Group’s new appeal ,saying it had no merit ! ~ it also questioned the intentions of the group and said it could send them to Jail but it was more concerned with the Repayments being made to the Common Man who had invested in the Group ~ Leading Lawyers representing the Sahara Group were cut down to size by an exasperated Supreme Court Judge !
Just the Other Day I was really amused at the two full pages of Explanatory Advertisement in the Times of India by the Sahara Group ~ They claimed they had a healthy Balance Sheet with enough Assets to cover all Liabilities ! ~ they further even boasted of huge figures of potential earnings from their Property Assets once they are developed !
A Simple Question then to the Sahara Group !
Why don’t you sell off a small part of your Assets & Properties,even in undeveloped stage to pay off Rs 27000 crs to the Investors as directed by the Apex Court ?
For the sake of countless Investors ,I Hope we are not going to see a Black Hole and another ‘Satyam’ like Story emerging where on stricter examination and due diligence we find the Assets simply don’t match up to the Liabilities ! ~ and that many of the Investors shown on records simply don’t exist !
Clearly Sahara Group was worried that SEBI was making moves to attached their properties…yet, don’t know who advised the Sahara Group first to put out such an ad in the Times of India just before the Supreme Court agreed to hear it’s appeal today ! and second who drafted and worded it the way it was ! ~ In my humble view this effort to influence will backfire on the group……also what will,is them endorsing cricketers and bollywood celebrities and sponsoring Cricket in a big way ~ One cannot buy Credibility like this !
Sahara Group has to tell the Supreme Court tomorrow whether it can pay Rs 27000 crs inside a week to the Investors….Hope it ‘can’ or else a ‘can’ of worms may just open out !