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Judgment
Heard Mr. Ram Jethmalani learned senior counsel and Mr. Arvind P. Datar, learned senior counsel. Mr. Datar submitted that the Saharas have not disclosed the details as to when the refund was made. Reference was made to pages 6 to 9 of the reply affidavit filed today.
Mr. Datar further submitted that the SEBI requires an explanation from Saharas with regard to the payments made on behalf of Sahara India Real Estate Corporation Ltd. (SIRECL) (partnership firm) by the following firms, as mentioned below:
Similarly, SEBI requires Saharas to show the following payments made on behalf of Sahara Housing Investment Corporation Ltd. (SHICL) (partnership firm), by the following firms, as mentioned below:
Further, the Saharas will also provide the bank statements of the above firms showing when the amount was paid to the partnership firms and subsequently when and how partnership firm made the disbursement, as sought for by the SEBI.
Mr. Ram Jethmalani, learned senior counsel appearing for the Respondents submitted that he will examine the same and come out with a response within a week. Post on 11.02.2014 at 2.00 P.M.