SC pulls up Sahara for not refunding Rs 24,000 crorehttps://indianexpress.com/article/news-archive/web/sc-pulls-up-sahara-for-not-refunding-rs-24-000-crore/

SC pulls up Sahara for not refunding Rs 24,000 crore

The Supreme Court on Wednesday cautioned Sahara group that it would summon its chief Subrata Roy and directors of its two companies if they continued to defy the court orders

The Supreme Court on Wednesday cautioned Sahara group that it would summon its chief Subrata Roy and directors of its two companies if they continued to defy the court orders to refund Rs 24,000 crore to its investors.

“Comply with our judgement or we will pass orders. Pay the amount or face personal appearance before the court,” said a bench of Justices KS Radhakrishnan and JS Khehar while expressing displeasure over Sahara group not depositing Rs 24,000 crore.

The court also pulled up the Securities Appellate Tribunal for restraining Sebi from taking coercive action against Sahara and restrained all other courts and tribunals,including SAT,from passing any order in the matter.

The apex court had,in August 31 last year,directed Sahara group to refund the amount by November-end. The deadline was further extended and the two companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and remaining amount in the first week of February. Sahara has,so far,deposited Rs 5,120 crore with the market regulator.

Advertising

Sebi told the court it had approached 21,000 investors on the basis of details given by Sahara but only 1,000 responded. Sebi said it had scrutinised 400 but only 12 were found be genuine investors in Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd.