 "Supreme Court Demands Clarity as Sahara’s Investor Refund Saga Continues")
The Supreme Court has instructed the Sahara Group to provide details about its officials and current shareholders, as well as a list of properties that can be sold to raise Rs 10,000 crore. This amount is needed for returning investors’ money, following a court order from August 2012. The court, which has been addressing this issue for over a decade, expressed its frustration over Sahara’s slow progress in depositing the full amount ordered. A roadmap for this deposit is expected soon, and the court will also review plans for selling properties. The situation remains complex, especially after the passing of Sahara Group chief Subrata Roy in 2023.
The Supreme Court has recently instructed the Sahara Group to provide details regarding its current officials and shareholders, as well as a list of properties that can be sold to raise Rs 10,000 crore. This amount is intended for refunds to investors, as directed by the court in a ruling dating back to August 31, 2012. At that time, the Sahara Group was ordered to return funds collected from investors, along with interest, to the Securities and Exchange Board of India (SEBI).
The court, led by Justices Sanjiv Khanna, M M Sundresh, and Bela M Trivedi, emphasized the need for a practical solution, as the matter has been pending for over a decade. The bench pointed out that Sahara has only managed to deposit about Rs 15,000 crore out of the Rs 25,000 crore originally mandated by the court.
Last week, Sahara Group’s legal representative, Kapil Sibal, indicated plans for a roadmap to deposit the remaining balance. However, concerns have arisen over the unclear leadership of the company following the passing of its chief, Subrata Roy, in late 2023. SEBI’s legal counsel highlighted the urgency of understanding the current structure of the Sahara Group to ensure compliance with court orders.
On Tuesday, the Supreme Court reiterated that there are no restrictions on the Sahara Group selling properties to gather the required funds. The bench indicated that a detailed review of the assets owned by the Sahara Group, excluding some specific properties, would be conducted in future sessions.
The ongoing saga highlights the Sahara Group’s “gross violation” of court directives regarding refunds, with a remaining principal amount of Rs 10,325.62 crore still owed to investors. As of September 30, 2020, the total net liability, considering interest, stood at Rs 62,602.90 crore.
This case continues to garner significant attention as investors await their rightful returns, hoping for resolution after years of legal uncertainties.
Tags: Supreme Court, Sahara Group, SEBI, investor refunds, legal news.
What did the Supreme Court ask the Sahara Group to provide?
The Supreme Court asked the Sahara Group to give a list of their top officials and details about the properties they want to sell.
Why is the Supreme Court asking for this information?
The Supreme Court wants to make sure that the Sahara Group is following the legal process and being transparent about their assets.
Who are the top officials in the Sahara Group?
The top officials are the main leaders and decision-makers in the Sahara Group, but the Supreme Court has requested this specific list from the company.
What kind of properties are they planning to sell?
The properties include land, buildings, and other assets that belong to the Sahara Group, but the exact details will be provided by the company to the court.
What happens if the Sahara Group does not provide this information?
If the Sahara Group does not give the requested information, they may face legal consequences or actions from the Supreme Court.
