Sahara Real Estate Firms were granted more time to pay off the fine. SC asked the market regulator of Securities and Exchange- SEBI, to agree their extension application.
Sahara races once again as the real estate firms are granted more time to refund.
Sahara Real Estate Firms finally breathed some air of relaxation. Supreme Court accepted Sahara’s plea and asked SEBI to more time to pay off the amount.
As per the Supreme Court order, Sahara Real Estate Firms were to refund the amount which was collected through debentures. Around 3-Crore investors had invested in Sahara Real Estate Firms.
Sahara failed to fulfill Supreme Court’s Aug 31 order. Sahara Real Estate Firms was ordered to refund Rs.17400 Cr plus 15 % interest. They had to refund the amount within 3 months.
Granting more time to Sahara, Supreme Court ordered them to deposit Rs.5,120 Cr sooner. The Supreme Court bench was headed by Chief Justice Altamas Kabir. Justice J. Chelameswar and Justice S.S. Nijjar were part of the bench.
Both of the Sahara firms –the Sahara India Real Estate Corporation and Sahara Housing Investment Corporation – will deposit the remaining amount in two installments.
Sahara companies will have to deposit Rs.10,000 Cr in the first week of January. They will have to make the second and final installment in February first week. SEBI is authorized to seize their accounts in case if they fail once again.
Sahara companies’ legal adviser Adv. Gopal Subramaniam informed Supreme Court that they had repaid some of the investors earlier. He pointed that this refunded amount still remains included in the fine.
He asked the court to cut off the amount. Replying to their plea, SC In reply asked Sahara to present the relevant documents in front of SEBI. The firms are asked to present it within a couple of weeks.
The court discarded SEBI’s appeal to recall the modifications to the Aug 31 judgment. Vikas Singh, a senior counsel, appeared for one of the Sahara companies. He opined that Supreme Court passed the order with a view to protect the interests of all investors.
