Economic Times: Mumbai: Thursday,
May 30, 2013.
A long-drawn
case involving funds raised by two Sahara firms through 'various illegalities'
seems to have made Sebi a preferred agency for all kinds of queries about the
group, with the latest being whether the Lucknow-based conglomerate falls under
the purview of RTI Act.
After Sebi
rejected the information sought from it through an RTI (Right To Information)
application in this regard, the appellant approached the Appellate Authority
but the appeal has been rejected there also.
The market
regulator is involved in a long-drawn battle with Sahara group over refund of
an estimated Rs 24,000 crore raised by its two firms from the public investors
without getting required approvals and following statutory procedures.
Sebi is
currently in the process of refunding the money to genuine investors after
verifying their credentials. As per a Supreme Court order in this matter, the
refunds are being made from an amount of Rs 5,120 crore deposited by Saharas
with Sebi towards the repayment process.
Sahara claims
that it has already refunded more than Rs 20,000 crore directly to the
bondholders of its two firms and the total outstanding liability towards refund
is less than Rs 5,120 crore deposited with Sebi.
In the
meantime, Sebi received an RTI application from an individual on March 14
wherein he sought "information regarding whether or not Sahara India
Pariwar fell within the purview of the RTI Act alongwith the reasons
thereof".
Through a
letter dated April 5, the market regulator responded to the RTI query wherein
it informed the appellant that "Sebi did not have any information in
respect of the query raised vide his application".
Consequently,
the appellant filed an appeal earlier this month before Sebi's Appellate
Authority and reiterated his request for the same information.
Hearing the
appeal, the Appellate Authority observed in an order passed yesterday that
"the appellant, in this appeal, has neither brought up any specific
deficiency in the response of the respondent nor has he raised any specific
grounds of appeal for my consideration".
Rejecting the
appeal, the Appellate Authority said in its order that the appellant did not
make any ground for interference in Sebi's response to the RTI query and the
appeal was liable to be rejected for this reason alone.
Besides,
there was no reason to "disbelieve the response provided by the respondent
(Sebi)" that the market regulator did not have any information on whether
Sahara group fell within the purview of RTI Act.
"In view
of these observations, I find that the respondent cannot be obliged to provide
the information sought by the appellant, in his application, as such
information was not available with Sebi," the Appellate Authority said in
its order and dismissed the appeal.
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