The Supreme Court gave a major update on the Sahara Group
After a long time, a big update has come out regarding Sahara Group. This update costs around Rs 10 billion. In fact, the Supreme Court has taken a major decision to deposit Rs 10 billion to the Sahara Group. The Supreme Court has said that there is no restriction on the group selling its property to return the money to the investors. We will also tell you what kind of new instructions or rather decision the Supreme Court has given regarding the Sahara Group.
This instruction was given in 2012.
The Supreme Court said during a hearing on Tuesday that there is no restriction on the Sahara Group from selling its properties and depositing around Rs 10,000 crore in the SEBI-Sahara Refund Account to return the money to investors. The Supreme Court had on August 1, 2012, ordered that the Sahara Group companies (SIRECL and SHICL) would return the amount deposited by investors to SEBI with an annual interest of 15 per cent. This interest will be paid from the date of deposit till the date of refund.
The court expressed its dissatisfaction
A bench comprising Justice Sanjiv Khanna, Justice MM Sundaresh and Justice Bela M Trivedi expressed displeasure over the Sahara Group not depositing the amount as per the court’s directions. Kapil Sibal, senior counsel for the Sahara Group, said the company was not given an opportunity to sell its assets. On this, the court said that as per the court’s order, there is no restriction on the Sahara Group selling its properties to deposit the remaining Rs 10,000 crore of the Rs 25,000 crore. The court also added that the properties should not be sold at a price below the circle rate. In case of selling it at a price below the circle rate, prior court permission will have to be obtained.
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what’s the whole point
Sahara has to return the money of investors who had invested in Sahara convertible debentures between 2008 and 2011. At that time, market regulator SEBI felt that both companies had raised this money in violation of rules. This means that the public has been misled. Following this, Sahara was asked to deposit Rs 24,000 crore with SEBI. To which the group replied that it had returned more than 95 per cent of the investors’ money. Now the entire case will be heard on Wednesday.
