Claiming that the redemption had been already made to investors,the Sahara Group on Tuesday told the Supreme Court that its chief Subrata Roy was not liable for refunding Rs 24,000 crore illegally raised by its two firms and that no contempt proceedings could lie against him.
Senior advocate Ram Jethmalani,appearing for the Sahara group,urged the court to take a sympathetic view of the matter . I dont deny that he is Bhishmapitamah of the family (head). But it does not mean that he is liable for everything, the lawyer told a bench of Justices KS Radhakrishnan and JS Khehar.
Jethmalani also said that the redemption had already been made.
The court adjourned the matter as arguments remained inconclusive.