The companies, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL), are respondents in the case along with Mr. Roy. SEBI informed the court about the increasing liability of the companies towards investors. In fact, SEBI said Mr. Roy and the other contemnors are “enjoying their release from custody” by the Supreme Court in May 2016. SEBI made it clear that Mr. Roy undoubtedly “controls” the Sahara group. SEBI recounted how the Supreme Court itself, in an order in August 2012, had observed that there was a “possibility of a pre-planned attempt at the hands of the appellant companies to by-pass the regulatory and administrative authority of the applicant (SEBI)... Sahara India group has done the same”.

Source: The Hindu November 20, 2020 15:34 UTC