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HindustanTimes Fri,25 Apr 2014

Pay Rs. 17K cr to investors: SC to Sahara

HT Correspondent, Hindustan Times  New Delhi, February 26, 2013
First Published: 01:38 IST(26/2/2013) | Last Updated: 02:43 IST(26/2/2013)

The Supreme Court (SC) on Monday refused to give more time to the Sahara Group to refund Rs. 17,400 crore to its investors. Dismissing the company’s plea, a bench headed by Chief Justice Altamas Kabir further castigated it for failing to comply with its earlier direction to return the money by the first week of February.

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During the hearing of Sahara’s fresh application, the CJI said: “If you have not refunded the amount as per our order, then you have no business to come to court.”

 The SC had on December 5 last given more time to the Sahara Group, with an immediate upfront payment of R5,120 crore, to refund the money to its investors who had deposited money in the optionally fully convertible debentures floated by Sahara India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited.

The extension was granted despite SEBI’s objection on the ground that the original verdict of August 31 last directed the firm to refund along with 15% interest was passed by another bench.

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