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Supreme Court rejected Sahara Petition on Refund of 24000 crore Rupees

The Supreme Court on 9 January 2013 dismissed Sahara group's petition for review of its verdict directing its two firms Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) to refund around 24000 crore rupees to their investors with 15 percent interest per annum.

Jan 10, 2013 16:53 IST
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The Supreme Court on 9 January 2013 dismissed Sahara group's petition for review of its verdict directing its two firms Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) to refund around 24000 crore rupees to their investors with 15 percent interest per annum.

A bench of justices K S Radhakrishnan and J S Khehar, declaring an order stated that all the records placed before them were meticulously examined and dealt with. Review petitions are, therefore, not entertained and accordingly stand dismissed.

The bench asserted that all the contentions raised by the companies were considered by it while passing its August 2012 verdict and there is no need to review the same.

The verdict on the review plea assumes significant as the firms have again filed a fresh application for extension of time for paying back to their investors.

Although the 31 August  2012 verdict was passed by a bench of justices Radhakrishnan and Khehar but another bench headed by Chief Justice Altamas Kabir on 5 December 2012 had modified the judgment granting the group nine more weeks to pay back 24000 crore rupees with interest to over three crore investors.

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