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SC directed Sahara to disclose source of 22885 crore rupees refund

The Supreme Court on 9 January 2014 directed the Sahara Group to reveal the source of the 22885 crore rupees

Jan 10, 2014 18:38 IST
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The Supreme Court on 9 January 2014 directed the Sahara Group to reveal the source of the 22885 crore rupees which the group claimed it had refunded to the investors.

The bench said that if the Sahara group fails to comply with its order by 23 January 2014 then it will direct the Central Bureau of Investigation (CBI) and Registrar of Companies (ROC) to investigate the case.

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The apex Court gave the order following Security and Exchange board (SEBI) revelation to the court that Sahara group refused to disclose information about source of money to SEBI by saying that this information is immaterial.

Sahara group owns two real estate companies – Sahara Housing Investment Corporation and Sahara India Real Estate.  The Supreme Court had directed Sahara group to make refund to its investors two years ago.

The Group claimed that about 20000 crore rupees had been refunded to the investors in their optionally fully-convertible debentures. But, the SEBI maintains that refunding had not been done. When, SEBI enquired about source of refund money, Sahara group declined to disclose the information.

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