n18
NEWS|Current Affairs 
   |

New Delhi: The Supreme Court on Monday rapped Sahara Group for not complying with its order for refunding Rs 27,000 crore to its investors saying the intention of the company looks "shaky". "Your intention is very shaky. Every step taken by you is shaky," it said. The apex court added that Sahara Group's reasoning for not refunding its investors is "unjustifiable". "You are justifying your conduct which is unjustifiable," the bench said. Sahara Group had on Friday moved the Supreme Court against the order of the Securities Appellate Tribunal (SAT) dismissing its appeal against market regulator SEBI in a case involving refund of about Rs 24,000 crore with interest to about three crore investors. A bench headed by Chief Justice Altamas Kabir listed the matter for hearing on Monday. The counsel for Sahara had told the bench that the company was ready with a draft of Rs 5,100 crore for deposit in the apex court's registry. In their appeal before the SAT, two Sahara Group firms had sought the Tribunal's intervention in refund of investors' money and had accused the market regulator SEBI of wrongly charging them of non-compliance with a Supreme Court order in that regard. The Tribunal, however, had said that any further direction in the case could be sought and granted by the Supreme Court alone and dismissed the appeal. The apex court had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to refund an estimated Rs 24,000 crore with an annual interest of 15 per cent, while SEBI was directed to facilitate the refund of this money to about three crore investors of the two firms. The court had asked the companies to furnish the documents related to these investors to SEBI within 10 days and refund the money within three months, failing which the regulator was asked to freeze the accounts and attach properties of the two firms. (With additional information from PTI)

Modi asks IT experts to travel across India to boost knowledge

from firstpost

Modi asks IT experts to travel across India to boost knowledge

Tokyo: Prime Minister Narendra Modi Tuesday asked IT experts to step out of their rooms and travel across India to enhance their learning."You will learn as much outside your rooms as you will le...


The real threat to Hinduism is patriarchy, not 'Love' or 'Sex Jihad'

from firstpost

The real threat to Hinduism is patriarchy, not 'Love' or 'Sex Jihad'

Several issues have got mixed up in the heat generated by the 'Love Jihad' discussion. When placed in context, the real issues boil down to these two: patriarchy and conversions. The former is a threa...

Landslides in China kill eight people

from firstpost

Landslides in China kill eight people

Beijing: At least eight people were killed and 24 missing on Tuesday after heavy rains caused landslides in China's Chongqing province.Rescue teams, including fire-fighters and police, have evacuated ...

Uttar Pradesh again: Rape accused's sister gangraped

from firstpost

Uttar Pradesh again: Rape accused's sister gangraped

Lucknow: A rape accused's sister was kidnapped and gangraped by five men in Uttar Pradesh's Muzaffarnagar district, police said on Tuesday.The victim's brother was accused of raping a girl 25 August, ...

Fire breaks out in Kolkata's Chatterjee International building

from firstpost

Fire breaks out in Kolkata's Chatterjee International building

Kolkata: Fire today broke out in the 15th floor of the landmark Chatterjee International building near Park Street in the heart of the city, the police said.Four fire tenders have already rushed to th...

Japan: 'Non-violent' India need not to sign nuclear treaty, claims Modi

from firstpost

Japan: 'Non-violent' India need not to sign nuclear treaty, claims Modi

Tokyo: Prime Minister Narendra Modi on Tuesday sought to address concerns of international community over India not signing the NPT by saying that the country's commitment to peace and non-violence is...

Need more of experimental Ebola drug in Africa, says Liberian survivor

from firstpost

Need more of experimental Ebola drug in Africa, says Liberian survivor

Monrovia, Liberia: A Liberian health worker who recovered from Ebola after receiving an experimental drug urged the manufacturer to speed up its production and send it to Africa, while crowds celebrat...