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Informist, Tuesday, Sep 3, 2024

 

NEW DELHI – The Supreme Court today asked Sahara group to give a list by Thursday of offshore and domestic immovable properties that it can sell to pay off the remaining dues of 100 bln rupees as ordered by the apex court in 2012. A refund account, operated by Securities and Exchange Board of India and Sahara Group, came to be formed after the apex court in 2012, had directed Sahara India Real Estate Corp Ltd and Sahara Housing India Corp Ltd to refund almost 240 bln rupees to their investors who had invested in their optionally fully convertible debentures between 2008 and 2011.

 

The top court today told Sahara group that more than 10 years have passed and they have still not deposited the money. "SEBI is seeking the remaining Rs 10,000 crore (100 bln rupees). How will you muster the remaining Rs 10,000 crore?" said the Bench of Justice Sanjiv Khanna, Justice Bela M. Trivedi and Justice M.M. Sundresh. 

 

Advocate Kapil Sibal, appearing for Sahara group, said that it did not have a fair opportunity to sell its properties to pay the remaining amount and no one wanted to touch its properties. To its reply, Justice Sanjiv Khanna said that it was incorrect to claim that Sahara did not receive a fair opportunity to sell the properties. "You have been given enough chances. To say that you were not given free arm to sell the property was incorrect. There is no embargo on Sahara family on selling assets. Even less than circle rate by 10% is allowed if permission of court is there. No not being given a chance to sell the property is wrong..." said Justice Khanna.

 

The apex court said that there were allegations that most of Sahara's depositors were fictitious. The court said it will examine that issue once the entire amount is refunded by the group in SEBI-Sahara fund. The court was hearing a 2013 contempt case by SEBI against the Sahara group for not complying with the apex court's 2012 order.  End

 

Reported by Surya Tripathi

Edited by Akul Nishant Akhoury

 

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