SC To Sahara : Refund Rs 24,000 Cr To Investors
The Supreme Court ordered Sahara group’s real estate arm, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, to refund Rs 17,400 crore it had collected from investors with 15% interest that it had collected through optionally fully convertible debentures (OFCD) with PSU banks.
The apex court asked Sahara to deposit with the SEBI the entire money with the interest amount (which is over Rs 24,000 crores) within three months.
A bench of justices K S Radhakrishnan and J S Khehar directed SEBI to to attach properties and freeze bank accounts of the two companies if they did not comply with its order.
The apex court appointed former SC judge B N Agrawal to oversee the entire process culminating in investors getting their money back.