SC sends contempt notice to Subrata Roy
Dec 10, 2013
Source : The Times of India


DELHI: The Supreme Court on Monday asked Sahara group head Subrata Roy and two others why contempt proceedings be not initiated against them for allegedly trying to browbeat a senior Enforcement Directorate official who was investigating a maze of alleged illegal financial transactions of the group running into hundreds of crores of rupees, some of which related to the 2G spectrum scam.

Terming the petition filed by Rajeshwar Singh, an assistant director with ED, as maintainable, a bench of Justices G S Singhvi and K S Radhakrishnan, which has been monitoring investigations into the irregular allotment of 2G spectrum, said, "This court has got the constitutional obligation to examine the truth of the allegations as to whether the respondents are attempting to derail investigation which is being monitored by the court."

When the ED official was "threatened", he was investigating some serious alleged financial irregularities pertaining to the Sahara group, a few of which are:

* Sahara India Investment Corporation, now known as Sahara Prime City Ltd, allegedly invested Rs 14 crore on September 28, 2007 to purchase shares of S-Tel, the day the telecom company applied for 16 more licences. This investment was allegedly sold back on January 15, 2009 for Rs 16.80 crore. Summons issued to Roy.

* Sahara India Commercial Corporation Ltd paid Rs 9.50 crore to Sky City Foundation on July 6, 2007 as an advance which was in turn invested in S-Tel.

* Alleged rotation of Rs 150 crore through a maze of financial transactions between accounts of Sahara Corporation and Sahara India within the same bank and its branch.

* A Sahara group company gave a huge amount in pounds sterling to a company in Mauritius as a short-term loan and investment in hospitality sector. This amount was allegedly transferred under an automatic route through a bank in Mumbai and later transferred to a foreign country for acquisition of a property of a hotel company.

* In the Madhu Koda scam, ED officials suspected that a large amount of tainted money, which was proceeds of crime, had been invested in Sahara group companies by the accused with a view to show them as legitimate money.

ED official Singh said because he was investigating all these cases, a letter was sent by a reporter working with a Sahara group publication threatening to launch a campaign against him.

After holding the petition to be maintainable, the bench said, "We are of the view that if the allegations raised against the contemnors are accepted, then we have to conclude prima facie that there has been an attempt by the respondents to interfere with an investigation undertaken by the petitioner which is being monitored by the court."

It added, "We may point out that the allegations raised by the petitioner in the contempt petition are of very serious nature and, if proved, would amount to interference with the administration of justice, especially in a court monitored investigation. In a court monitored investigation, if the officer who is entrusted with the task of carrying out that investigation is experiencing any threat or pressure from any quarters, he is duty bound to report the same to the court monitoring the investigation."

Explaining why it was contemplating initiation of contempt of court proceedings against Roy, the bench said, "Law of contempt, as is often said, is only one of the many ways in which the due process of law is prevented from being perverted, hindered or thwarted to further the cause of justice."





Latest Realty News

RBI shouldn't grant banking licences to companies: Parliamentary panel
Dec 10, 2013
DELHI: A parliamentary panel has suggested that the Reserve Bank of India (RBI) should not grant new banking licences to companies since the banking business is highly leveraged and involves public money. "Banking being a highly leveraged business involving public money and public welfare, the committee (members) are of the considered opinion that it will be more in the fitness of things to keep industry and banking separate," the committee noted in its report released on Monday.
Early start, proper planning will guarantee good future
Dec 10, 2013
DELHI: Lt Col Jit Bahadur Chettri, a 39-year-old Indian Army officer, is posted in a remote area in North-East India. His wife Ritu is also an officer in the Army Education Corps. They have two sons, Sparsh (9) and Utkarsh (7). Chettri represents that rare breed of officers who are financially well-aware of the need to meet their financial goals comfortably. When Lt Col Chettri approached us for financial planning this year, his family already had a well-diversified investment portfolio. With a
East Corporation moots hike in property tax
Dec 10, 2013
DELHI: East Delhi Municipal Corporation Commissioner's second annual budget speech read almost the same as the last with not much to offer. He proposed an increase in property tax (50 percent increase in base unit area value) and four new taxes.
30% rebate on property tax in Gurgaon before Dec 10
Dec 09, 2013
DELHI: The MCG is offering special rebates on pending property tax amounts to residents who choose to make their payments before December 10. According to officials, discounts of up to 30% will be offered to property owners within this grace period.
Delhi tenants can’t fix space usage in Delhi
Dec 09, 2013
DELHI: No tenant can dictate usage of space to the house owner, a trial court has observed while ordering eviction of a tenant from the house of a 65-year-old handicapped widow in Nizamuddin.
What slowdown, ask new realty developers
Dec 09, 2013
DELHI: Unfazed by the slowdown in the property market, companies from assorted sectors are rushing into it. As many as 20 small companies have entered the segment in the past two-three years and many are firming up plans to make an entry soon.
Polls outcome floats wave of positive sentiments in real estate and industries
Dec 09, 2013
NOIDA/GHAZIABAD: The four states polls outcome have floated a new wave of expectation in the UP' industrial and real estate sector. The experts believe that the clear mandate will lead to economic growth. The experts believe that the market is sentimental and will respond very soon, that possibly breach all time high.
Bangalore real estate gets maximum PE investment
Dec 09, 2013
DELHI: Bangalore's realty market received the maximum private equity investment of nearly Rs 2,000 crore in the country during January-September 2013 with increased demand for leased office assets from institutional investors, according to property consultant Cushman & Wakefield.
Lifestyle- the new priority for choosing houses
Dec 07, 2013
DELHI: Townships or integrated housing are getting more momentum instead of standalone plots in Delhi NCR. People wish to live in well secured gated community. Townships are safe, secure, thoughtful and well-planned. Along with this, township has many other advantages. The advantages of a city without the hustle bustle of city life can be experienced here. The same is known as self-contained world. They make life easier and that’s what a home buyer wants at the end of the day!
The realty & reality of modern retail in India
Dec 07, 2013
DELHI: Retail is presently the most booming sector of the Indian economy. The sector as a whole already contributes 14-15% of the GDP. Although the organized retail market is a small part of it at present, it is expected to grow manifold in the coming 3-5 years. Even as I write this, there are over 300 new malls, 1500 supermarkets and 325 departmental stores currently being built in cities across India.

Latest Realty News Of State

Realty Talk's