SC tells Sahara to refund 17,400 cr to investors
August 31, 2012 10:57
The Supreme Court has directed the Sahara Group to refund Rs 17,400
crore which it had collected from its investors and gave three months time to Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to refund the amount. The SC also directed SEBI to conduct probe against the two Sahara companies to find out their actual subscriber base.
The court had asked the Sahara group of companies to state on an affidavit the amount of funds collected, the net worth of the companies which had received the deposits and how they sought to secure the liabilities. These queries were to protect the interests of the investors.
crore which it had collected from its investors and gave three months time to Sahara India Real Estate Corporation and Sahara Housing Investment Corporation to refund the amount. The SC also directed SEBI to conduct probe against the two Sahara companies to find out their actual subscriber base.
The court had asked the Sahara group of companies to state on an affidavit the amount of funds collected, the net worth of the companies which had received the deposits and how they sought to secure the liabilities. These queries were to protect the interests of the investors.
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