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Thursday, 30 August 2012

SC directs Sahara to refund Rs 24,000 crore to investors

In a major setback to the Sahara Group, the Supreme Court has directed Sahara to deposit over Rs 24,000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks.

The court has granted Sahara India Real Estate Corporation and Sahara Housing Investment Corporation three months to deposit the amount. Sahara has been asked to give a list of all the investors to SEBI in the next 10 days.

The apex court has also directed SEBI to conduct a probe against the two Sahara companies to find out their actual subscriber base.

The court has appointed retired Supreme Court judge BN Agrawal to oversee the refund of this amount to investors.


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