A day before the Supreme Court hearing, Sahara Group has issued a public apology in newspapers today saying its “earlier advertisements were put out under most unwilling compulsions.” The apology comes after the Supreme Court slammed the company for placing aggressive advertisements against Securities and Exchange Board of India (Sebi) and even some media houses.
In a carefully worded advertisement to newspapers, Sahara India Pariwar said “ …the major point which went against us was our repeated communication through the elaborated newspaper advertisement for clarifying to around 34 percent of Indian population which has been closely associated with our advertisement.”
Market watchdog Sebi had ordered the group to return Rs 24,000 crore to investors who bought bonds sold by two Sahara companies Sahara India Real Estate Corp. Ltd and Sahara Housing Investment Corp. Ltd . Because of non-compliance of even Supreme court order, the group chief Subrata Roy was taken into judicial custody in early March, and continues to remain in custody for his inability to secure bail. The Supreme Court had asked Roy to furnish Rs 5,000 crore in cash and another Rs 5,000 crore of bank guarantee to secure bail, but so far that amount has not been generated. (साभार- मनीकंट्रोल डाट काम)