The Sahara Group will refund Rs 24,000 crore raised from investors within three months, the company told the Supreme Court Friday. The top court was hearing a case filed by market regulator Securities and Exchange Board of India (Sebi), which on Wednesday had filed a petition seeking action against the Sahara Group for not complying with the court’s orders.
On August 31, the Supreme Court had ruled that finance schemes run by two Sahara companies were illegal and ordered the firms to repay Rs 24,000 crore to up to almost 3 crore mostly small investors, plus interest. The court had also directed the group to hand over all documents submitted by the investors to Sebi within 10 days to verify the genuineness of the investors. The deadline expired on September 10.
The court had appointed retired judge, Justice B.N. Aggarwal, to oversee this. Mr. Aggarwal has already submitted his status report to the court saying that Sahara failed to hand over the documents.
The Supreme Court will hear Sebi's case on October 9.
(With inputs from PTI)
On August 31, the Supreme Court had ruled that finance schemes run by two Sahara companies were illegal and ordered the firms to repay Rs 24,000 crore to up to almost 3 crore mostly small investors, plus interest. The court had also directed the group to hand over all documents submitted by the investors to Sebi within 10 days to verify the genuineness of the investors. The deadline expired on September 10.
The court had appointed retired judge, Justice B.N. Aggarwal, to oversee this. Mr. Aggarwal has already submitted his status report to the court saying that Sahara failed to hand over the documents.
The Supreme Court will hear Sebi's case on October 9.
(With inputs from PTI)
