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Supreme Court dismisses Sahara's review petition

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New Delhi:

The Supreme Court has dismissed Sahara group's plea seeking review of its August 31 verdict to refund over Rs. 17,400 crore collected from 2.21 crore depositors.

Two Sahara group firms - Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) - are to refund the amount with 15 per cent interest to its investors, as per the court's order.

In its order dated January 8, the Supreme Court said: "We have carefully gone through the grounds raised in the review petitions filed by the appellants. We find none of the grounds have been made out for review of our judgment. We also do not find any inconsistency in the views expressed by both of us. On  the  other  hand, all the  contentions, legally and factually, raised by the appellants were  examined, addressed and answered on all possible angles and dimensions. Applications are stated to  have been filed for placing new facts and documents on record for which the ingredients mentioned in  Order XLVII(1)(c) have also not been satisfied.Even otherwise, all the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed. As a sequel to this, applications seeking permission for open court listing, intervention and directions/stay also stand dismissed."

On December 5, a bench, headed by Chief Justice Altamas Kabir, had directed the two Sahara group firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), to make immediate payment of Rs. 5,120 crore and the balance in two instalments.

The first instalment of Rs. 10,000 crore was to be made by the first week of January and the remaining by the first week of February.

The bench, headed by Chief Justice Altamas Kabir, had also directed the group to supply the documents relating to investors within 15 days and warned that failure to fulfil its directive on payment of the money to SEBI will lead to attachment of assets.

Story first published on: January 09, 2013 19:12 (IST)

Tags: Sahara, Supreme court

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