Investor Moves SC against Troubled Sahara

Leading Sahara firms in to greater troubles and crises, a Delhi based Investor has approached the Supreme Court.

An investor from Delhi has approached Supreme Court against the Sahara firms with whom the investor had investment. The investor requested the SC to direct the Sahara firms to repay his investment.

Though this is the first time an investor is approaching the Apex Court against any of the Sahara firms, the experts opine that if the SEBI’s move is right more investors will come up against these firms.

The Sahara supporters argue that there will more appearances by the investors as the entire list is with the Market regulator SEBI which attached all the properties of these firms.

In a submitted statement in front of the SC, Sahara had stated that they had around three crores of investors. However they had informed that they had already refunded these investors and only a few investors are remaining to be refunded.

Sahara claimed that they have invested an additional Rs.5120 Cr with the market regulator who refused the claim of the real estate major. The arrival of the investor gives a clear base to the arguments of SEBI.

In short the appeal of the investor against the Sahara firms is believed to bring in a major twist in the fight between the regulator and the realty firm.

Last year SC had punished these firms to pay a fine of over Rs.24000 Cr to the OFCD investors. While ordering the realty firms to pay the fine, the SC had empowered market regulator SEBI to attach the properties of the firms in case if they do not comply with the order or they fail to pay the amount within the time.

As the verdict is not yet given by the SC to the investors, both the spokespersons of Sahara group and SEBI did not comment on the issue. However the real estate firms will be more troubled if more investors appear again.