Sahara seeks review of SC verdict on refunding Rs24,000 crore
MDT/PTI 05 October 2012

Interestingly, Sahara filed the review petition a week after promising to the apex court that its two companies would refund the money within stipulated time frame

New Delhi: The Sahara group on Friday moved the Supreme Court seeking review of the verdict ordering it to refund Rs24,000 crore, raised from investors through optionally fully convertible debentures (OFCDs), reports PTI.


Challenging the apex court's 31st August verdict on 55 counts, the group sought the hearing of its review petition in the open court.


Setting the deadline to refund the money, the apex court had said if the group companies -- Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) -- fail to refund the amount, SEBI can attach properties and freeze bank accounts of the companies.


It had asked the companies to refund the money to their investors within three months with 15% annual interest.


It had also asked Sahara to furnish all its documents to SEBI and also appointed one of its retired judges, Justice BN Aggarwal, to oversee the action taken by SEBI against the two Sahara group firms.


Interestingly, the group filed the review petition a week after promising to the apex court that its two firms would refund the money within the stipulated time frame.


"We will refund the amount. There is no question of going back," senior advocate Gopal Subramaniam, appearing for the company, had told the apex court on 28th September.

1 decade ago
Being an investor myself, I can relate to the fears and uncertainties of people in times like these. But,with a company like “Sahara”, these fears seem irrational. They have stood strong for the past 33 years,and braved the storms of resentment and injustice. I see the current situation also as a malicious intent to destabilize the image and position of the company. I would request all my fellow investors to support Sahara, in these turbulent times and have patience and faith in this company.
David N
1 decade ago
Was Sahara fair in raising such large amount by public deposits? May be Sahara is a clean corporation which would not misuse funds, but think of fly by night operators who could vanish with money raised from public like the Teak Farm Promoters of the Nineties! Companies have to abide by rules and regulations and there can not be exceptions...
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