Sahara Group's public apology for aggressive advertisements against SEBI
Moneylife Digital Team 18 April 2014

Supreme Court admonished Sahara Group for its aggressive advertisements criticising SEBI

Sahara Group made a public apology in newspapers today saying its “earlier advertisements were put out under most unwilling compulsions.” This has been done just before the next Supreme Court hearing.

 

Supreme Court had admonished the company for placing aggressive advertisements against Securities and Exchange Board of India (SEBI) and even some media houses.

 

The advertisement said, “…the major point which went against us was our repeated communication through the elaborated newspaper advertisement for clarifying to around 34% of Indian population which has been closely associated with our advertisement.”

 

For non-compliance of Supreme Court orders, Sahara's Subrata Roy was taken into judicial custody in early March, and remains in custody for his inability to secure bail. The Supreme Court had asked Roy to furnish Rs5,000 crore in cash and another Rs5,000 crore of bank guarantee to secure bail, but so far that amount has not been generated.

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