Supreme Court Refuses To Hear Sahara’s Review Appeal

Sahara’s appeal to review the refund – case was turned down by the Supreme Court which said that there are no valuable reasons for the review.

Sahara had appealed to the Supreme Court to review the penalty imposed on the firms. Earlier in 2012 June, Supreme Court had fined Sahara Housing Investment Corporation Ltd (SHICL) and Sahara India Real Estate Corporation Ltd (SIRECL) for raising investments from nearly 3Cr investors through OFCDs.

Both the Sahara firms asked the Apex Court for more time to pay off the debt. Later when they were granted more time to pay off, they stated that they had already repaid their investors.

The case begins when the Supreme Court found the Sahara firms guilty of amassing investment in the fake investors’ names. Being suspicious over the investments of Sahara, Supreme Court asked the firms to repay the investors.

In December, hearing the petition of the firms, SC granted more time and asked them to pay the fine in installments. As per the SC order they had to pay a sum of Rs.5,120 Cr in December and the remaining amount in two installments. The first installment has to be made in the first week of January while the next installment in the same of February.

The SC Bench, presided by Chief Justice Altamas Kabir, had empowered the fair market regulator SEBI to seize the properties of Sahara in case of any further failure from the Sahara firms to comply with the SC Order.

Supreme Court stated that they could not find any substantial and valid reasons or grounds for hearing the appeal of Sahara. The Apex Court’s Jan-8 Order said further that they had not found any inconsistency in the SC Orders despite the fact that they had examined the records and available sources in a detailed manner.

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