SC Agrees To List SFIO's Plea Challenging Delhi HC Relief to Sahara Group Companies

IANS 17 May 2022

Economy & Nation

The Supreme Court on Tuesday agreed to list a plea by SFIO (serious fraud investigation office) challenging a Delhi High Court (HC) order, which stayed the investigation into companies related to the Sahara group.

A plea by SFIO said: "The petitioner SFIO has filed the captioned petition against the final judgement of the Delhi High Court dated 13 December 2021, whereby the high court erroneously granted interim relief to respondents 1 to 3 by staying the operation, implementation, and execution of the investigation orders dated 31 October 2018 and 27 October 2020 passed by the Central government and stayed all subsequent actions and proceedings initiated pursuant thereof, including coercive proceedings and look out notices issued against the respondents."

Pressing for urgent listing of the matter, solicitor general Tushar Mehta submitted before a bench headed by chief justice NV Ramana that there was some apprehension on the part of the SFIO in connection with another bench recently staying a lookout circular against Sahara group chief Subrata Roy.

The SFIO, a statutory corporate fraud investigating agency, moved the top court against the 13 December 2021 Delhi HC order. "It is submitted by way of the order, all actions and proceedings undertaken under the orders dated 31 October 2018 and 27 October 2020, passed by the Central government have been stayed which seriously prejudice the ongoing investigations and proceedings which necessitated urgent listing of the captioned petitions," added the SFIO's plea.

It further added that the HC order was passed by ignoring the material facts available on record, and sought stay on the HC order.

The HC had observed that petitioners Sahara Housing Investment Corporation Ltd and others have made out a prima facie case for the grant of interim relief. It further added that the balance of convenience was also in their favour, and irreparable loss would be caused to them, if interim relief is not granted. The HC had asked the Central government to file its response to the petition.

The petitioners—Sahara firm and others—had submitted before the HC that the first order was passed on 31 October 2018, for investigation into the affairs of three companies—Sahara Q Shop Unique Products Range Ltd, Sahara Q Gold Mart Ltd and Sahara Housing Investment Corporation Ltd. The petitioners further contended that perusal of the 27 October 2020 revealed that no reason was assigned, why it was necessary to begin an investigation against the six companies.

These companies are: Aamby Valley Ltd, Qing Amby City Developers Corporation Ltd, Sahara India Commercial Corporation Ltd, Sahara Prime City Ltd, Sahara India Financial Corporation Ltd and Sahara India Real Estate Corporation Ltd.

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