SC raps Sahara group for not paying Rs 27,000 crore
December 03, 2012  12:49
image
Meanwhile, the Supreme Court has rapped the Sahara Group for not complying with its order for refunding Rs 27,000 crore to its investors. The SC told  Sahara, "You are justifying your conduct which is unjustifiable, your intention is very shaky. Every step taken by you is shaky."

The company led by Subroto Roy Sahara had approached the Supreme Court after it challenged the Securities Appellate Tribunals (SAT) rejection of their plea to direct its registrar accepting a pay order of Rs.5,120 crore that it had to deposit to SEBI towards the payment of investors' deposits.

The Sahara India Real Estate Corporation and Sahara Housing Investment Corporation Ltd had moved the SAT seeking direction to its registrar to accept their pay order of Rs.5,120 crore towards payment of investors' money which these two companies had mopped up through Optionary Fully Convertible Debentures.SAT had rejected Sahara's plea on Thursday.
« Back to LIVE

TOP STORIES