Sahara seeks review of order to refund Rs 24,000 cr
Posted on: 05:08 PM IST Oct 05, 2012
New Delhi: The Sahara Group on Friday moved the Supreme Court seeking review of its August 31 order to refund Rs 24,000 crore to investors. In a major setback to the Sahara Group, the Supreme Court had directed the business conglomerate to deposit over Rs 24,000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks.
The court granted the group's two companies - Sahara India Real Estate Corporation and Sahara Housing Investment Corporation - three months to deposit the amount. Sahara was also asked to give a list of all the investors to SEBI in the next 10 days.
The two-judge bench of Justice KS Radhakrishnan and Justice JS Khehar directed SEBI to take action against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they failed to refund the money.
SC directs Sahara to refund Rs 24,000 crore to investors
The apex court allowed the regulatory body to attach properties and freeze bank accounts of the two companies if they did not comply with its order. The apex court also directed SEBI to conduct a probe against the two Sahara companies to find out their actual subscriber base.
The court also appointed retired Supreme Court judge BN Agrawal to oversee the refund of this amount to investors.