No embargo on Sahara Group to sell properties for depositing Rs 10,000 crore: SC
No embargo on Sahara Group to sell properties for depositing Rs 10,000 crore: SC
NEW DELHI: The Supreme Court on Tuesday said there is no embargo on Sahara Group to sell its properties for depositing around Rs 10,000 crore in SEBI-Sahara refund account for returning investors' money.
In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms – SIRECL and SHICL – would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment within three months.
A bench of Justices Sanjiv Khanna, M M Sundresh and Bela M Trivedi expressed its displeasure over the Sahara Group not depositing the amount as directed by the court. Senior advocate Kapil Sibal, appearing for the Sahara Group, said the company was not given opportunity to sell its properties and moreover no one came forward or is coming forward to purchase the properties as there was embargo on selling them.
