SC sets aside Delhi HC order staying investigation into companies related to Sahara Group

Credits: PTI

New Delhi: The Supreme Court on Thursday (May 26, 2022) set aside the Delhi High Court order granting interim relief and staying the investigation into nine companies related to the Sahara Group.

Allowing the Serious Fraud Investigation Office (SFIO) plea challenging a Delhi High Court order staying the investigation into nine companies related to the Sahara Group, a bench of justices DY Chandrachud and Bela M Trivedi directed the Delhi High Court to decide the petition expeditiously after re-opening after summer vacations.

"High Court was not correct in staying the investigation at the interim stage. We allow the appeals and set aside the High Court order on stay," the Court said adding that its decision will not impact the merits of the petitions.

Solicitor General Tushar Mehta was representing SFIO in the matter. He told the court that this is the Sahara Company matter which runs into one lakh crore.

The Supreme Court last week agreed to hear a plea challenging the Delhi High Court order which granted relief to Sahara Group.

SFIO has challenged the Delhi High Court order staying the investigation into nine companies related to the Sahara Group.

The Delhi High Court on December 13, 2021, granted interim relief to respondents Sahara Housing Investment Corporation Limited and others by staying the operation, implementation and execution of the investigation orders dated October 31, 2018, and October 27, 2020, passed by the Central Government and also stayed all subsequent actions and proceedings initiated pursuant thereof including coercive proceedings and lookout notices issued against the respondents.

The petitioner SFIO has filed the petition against the order of the High Court of Delhi and said that the ground of urgency is that all action and proceedings undertaken under the orders dated October 31, 2018, and October 27, 2020, passed by the Central Government have stayed which seriously prejudice the ongoing investigations and proceedings which necessitated urgent listing of the captioned petitions.

Therefore, petitioner SFIO sought a stay of the Delhi HC order dated December 13, 2021.