SC sets aside HC order staying SFIO probe into nine Sahara firms

New Delhi, May 26

The Supreme Court on Thursday set aside a Delhi High Court order staying a Serious Fraud Investigation Office (SFIO) probe into nine companies related to the Sahara group. A vacation Bench of justices DY Chandrachud and Bela M Trivedi allowed the appeal filed by the SFIO against the high court order.

The apex court observed the high court was “not justified” in staying the investigation in the matter.

The SFIO, a statutory corporate fraud investigatng agency, had filed an appeal in the top court against the December 13, 2021 order of the Delhi High Court staying all subsequent actions and proceedings, including coercive measures and lookout notices, against the Sahara Group chief and others.

The HC had also stayed the operation and implementation of two orders of the SFIO for an investigation into nine firms of the Sahara group. On May 17, the SC had agreed to consider listing for hearing the SFIO’s plea challenging the HC order.

Solicitor General Tushar Mehta had then told the apex court that there was some apprehension on the part of the petitioner (SFIO) with regard to another Bench recently staying a lookout circular against Sahara Group chief Subrata Roy.