The Sahara Group and its promoter Subrata Roy told the Supreme Court on Monday that no case of contempt was made out against them since they have done their best to comply with the court order on refunding Rs 24,000 crore to investors and submitting pertinent documents with the Securities and Exchange Board of India (Sebi).
The counsel for Sahara mentioned the matter before a bench led by Justice KS Radhakrishnan and said they have filed affidavits relating to the contempt notice issued by the court on a plea by Sebi. They,however,sought more time to respond to the Sebi application which seeks detention of Roy and two other directors. The bench said it will consider its plea on May 2.
The counsel said there was no case of wilful disobedience of the order as they delivered the documents to Sebi to the best of their efforts,and it would not have been possible for them to submit more than five crore documents within 10 days.
Meanwhile,Sebi moved another application on Monday in the court,seeking the stay of all proceedings in the cases filed by the Sahara Group before the Allahabad High Court and the Securities Appellate Tribunal till the final disposal of the matter before the SC.
On Saturday,Sebi had moved the court seeking a restraint order against all administrative,judicial and quasi-judicial authorities across the country from entertaining any plea by Sahara Group in connection with their failure to refund the money to investors.
It also demanded directives to all authorities in the country to assist in carrying out several orders it deemed fit in complying with the SC judgement,which had asked the two Sahara firms to refund the money it had collected in 2008-09.