SC Directs Sharara Group to Refund Rs 17,400 crore to Investors

Friday, August 31st, 2012 | by

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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1 Response to SC Directs Sharara Group to Refund Rs 17,400 crore to Investors

  1. myrajivgandhi

    Please visit the page http://www.myrajivgandhi.in and post your valuable comments and take part in the discussion.We are remembering Sri Rajiv Gandhi and his contribution to modern India.

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