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National News Sourced Wired

Supreme Court asks Sahara Group to refund Rs.17,000 crore to investors

New Delhi, Aug 31 (ANI): The Supreme Court on Friday directed Sahara group’s real estate company to return with a 15-per cent interest the Rs.17,000 crore it had mopped up as debentures from investors.

A bench of Justices K S Radhakrishnan and J S Khehar directed Securities and Exchange Board of India (SEBI) to take action against the companies of Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they fail to refund the money.

The apex court allowed the regulatory body to attach properties and freeze bank accounts of these two companies if they did not comply with its order.

The court has appointed formal apex court judge Justice B.N. Agarwal to oversee the compliance of its order.

On June 14, the apex court had reserved its verdict on a plea by the Sahara group of companies, dealing in real estate and housing, challenging a tribunal’s direction to repay the money. (ANI)