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HT Correspondent, Hindustan Times
December 01, 2012
The Sahara Group on Friday moved the Supreme Court and requested the court to accept drafts worth Rs. 5,126 crores that is meant to be disbursed to investors who had deposited money in its companies — Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).
The company had to return the amount subsequent to an earlier SC order. The three months’ time limit fixed by the SC to return the amount expired on Thursday. Sahara Group counsel Gopal Subramanium said the company wanted to deposit the money with the court as SEBI had not been able to devise any plan to distribute the amount.