TNI Bureau: In a huge setback to the Sahara group, the Supreme Court on Friday directed its Real Estate firms to refund Rs 17,400 crore to investors that the firms had collected through OFCD (optionally fully convertible debentures) with PSU banks.
The court gave three months time to Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to deposit the amount with 15 per cent interest.
The firms have also been asked to give a list of investors to SEBI in 10 days.
A bench of Justices KS Radhakrishnan and J S Khehar directed SEBI to take action against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation if money was not refunded to the investors as per the court’s direction.
The regulatory body could attach the properties and freeze the bank accounts of two companies if they did not obey the court’s order. The court has also appointed retired Supreme Court judge BN Agrawal to check the amount was refunded to investors.