Supreme Court raps Sahara Group over Investment Row
TNI Bureau: The Supreme Court, on Monday, rapped the Sahara group for the delay in refunding 27,000 crore rupees to investors, who had put their money into two of its companies.
A bench headed by Chief Justice Altamas Kabir asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to tell by tomorrow whether they would be able to refund the entire amount to their investors within a week.
The two Sahara group companies had moved the SC on November 30, the day the three-month deadline ended for refunding Rs 24,000 crore to investors through Sebi. They came with drafts for Rs 5,126 crore to attempt to prove their bona fides as managers of the investors’ money.
Market regulator SEBI has also opposed Sahara’s petition and submitted that it has already filed a contempt petition against them and said that strong action should be taken against them.