SEBI v/s Sahara litigation: Protecting investors or money laundering

The Supreme Court has recently (June 4, 2014) permitted Sahara group to sale it's properties in order to raise money to partly comply with the orders of Supreme Court of depositing Rs.20000 crores with SEBI. The SEBI is supposed to utilize this amount for refund of debenture amount to debenture holders. However Rs.5120 crores is already deposited with SEBI but it (SEBI) is not able to identify the investors for refund of debenture amount. It is amply clear from the chronology and arguments raised in the paper that SEBI v/s Sahara episode is not the case for protecting the interests of investors but it is the case of money laundering. The paper discusses how the money raised from sale of properties is going to deteriorate financial position of Sahara group whereas directors of Sahara are not being punished for the actual crime (money laundering) committed by them. Thus, they are being (or shall be) set free at the cost of the corporate they are heading.