We are disappointed with the judgment
that has been delivered by the Hon’ble Supreme Court earlier today.
We are still in the process of reading
and understanding the judgment. The voluminous evidence that we have already
submitted to substantiate our stance may have possibly been misunderstood.
We maintain that we have already
refunded to 93% of our investors. Most of the payments made were in cash, as
per the RBI norms and in accordance with SEBI and SAT orders. In addition to
ledger entries, we had also submitted original vouchers, receipts and other
concerned documents in original being physical proof of the payments and are
with SEBI pending verification.
We expect to return to the Hon’ble
Court in the near future with further evidence of our compliance of the Hon’ble
Court’s previous orders, and to satisfy the Hon’ble Court of our
earnest intentions moving forward.
The Hon’ble Court
has indicated that it expects us to make a new proposal. Since the beginning,
we have been trying hard to present the best practical proposal. We have always
maintained that this will be actually a double payment which we are asked to
make hence a serious relook into the business and financial status is required
each time. In light of today’s direction, we will try our best to derive a
fresh proposal to the best of our capacity and hoping to satisfy the Hon’ble
Court. For this, we would also apply to the Hon’ble Court that our
properties and bank accounts be defreezed so that we are in a position to come
up to the expectations of the Hon’ble Supreme Court.
We take this opportunity to reiterate
our deep and abiding respect for the Hon’ble Supreme Court of India and
our commitment to follow the order in letter and spirit.
Keshav Mohan
Advocate
