The basis on which Sebi has moved this transfer petition before the Supreme Court rests on the fact that in all the petitions filed by the Sahara Group — on attaching personal property belonging to Sahara promoter Subrata Roy Sahara or whether it is a issue of direct repayment of certain amount of money by Sahara Group to its investors is concerned — are not issues of law, but only deal with interpretation of the Supreme Court's order in 2012.
In that particular order, the apex court directed the company to refund Rs 24,000 crore to its investors and in this light Supreme Court, according to this petition filed by Sebi, is in the best position to say what the order actually means. Thus, Sahara Group's petitions pending before the Securities Appellate Tribunal (SAT) and before the Allahabad High Court, have been sought to be transferred to the Supreme Court.
The Supreme Court on the May 2 is going to take up contempt petition moved by Sebi against the Sahara Group. Sebi is also going to plead, at the hearing on May 2, that the matter of transfer of application also be taken up by the apex court.
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