The real estate arm of Sahara Group has suffered a blow, with the Supreme Court ordering the company to refund Rs 17,400 crore. The money is supposed to have been collected from various investors at an interest rate of 15%. The bench, consisting of Justice KS Radhakrishnan and JS Khehar directed the company to deposit the entire amount, along with interest, with the SEBI. The SEBI has also been asked to take action against Sahara India Real Estate Corporation and Sahara Housing Investment Corporation in case the refund was not granted.
The SC has also asked the regulatory body to attach properties and freeze bank accounts of both companies if they failed to live up to the order. The Sahara Group has been directed to submit all relevant documents with the SEBI in 10 days. The SEBI has also been asked to verify the investors’ credentials before the refund was effected.
The directive was passed by SC judge BN Agrawal.
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