SC seeks names of Sahara Group officials, shareholders to repay dues
This story was originally published at 19:50 IST on 4 September 2024
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NEW DELHI – The Supreme Court today asked the Sahara Group to name its top officials, current shareholders, and provide a list of unencumbered properties 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 the Securities and Exchange Board of India and Sahara Group, was formed after the court in 2012 directed Sahara India Real Estate Corp Ltd and Sahara Housing India Corp Ltd to refund almost 240 bln rupees to those who had invested in their optionally fully convertible debentures between 2008 and 2011.
The top court today said that it has to find some practical solution to refund the investors' money as the issue was pending for over a decade. "Sahara Group has said that it will submit some scheme for depositing around Rs 10,000 crore (100 bln rupees). This matter cannot go on and on. It has been more than 10 years since the court directed for a deposit of Rs 25,000 crore (250 bln rupees). We have to find some practical solution to make a headway as the company has only deposited around Rs 15,000 crore (150 bln rupees) till now," said the apex court.
The court order came after SEBI informed it that following the demise of Sahara India Pariwar founder Subrata Roy in 2023, no one knew who headed the company and how they were going to deposit the money in compliance with the court's order. The apex court said, "We want to know about the current organisational structure including names of directors and the shareholders." The court said that on Thursday it would first deal with the question of sale of properties, and then it would deal with the question of refund of money to the investors.
The apex court said that it would also peruse a roadmap, to be submitted by the Sahara Group for depositing the balance amount. 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 Aditya Sakorkar
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