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Supreme Court orders Sahara to refund investors' money: If like millions of investors, your capital is also stuck in Sahara India's savings schemes, then there is good news for you. The Supreme Court has ordered the Sahara Group not to delay returning the investors' money and sell the group's assets to return the capital. The court ordered the payment of Rs. 10 thousand crore to the SEBI-Sahara Refund Account. An order has been given to deposit Rs.
Order to deposit Rs. 10 thousand crore in account
The Supreme Court has allowed the Sahara Group to pay Rs. 10,000 into the SEBI-Sahara account. There is no restriction on how much it can sell the group's assets for. On August 31, 2012, the Supreme Court ordered that Sahara Group companies SIRECL and SHICL return the amount collected from individual investors and groups of investors to SEBI with 15 percent annual interest.
Sahara group reprimanded
The Supreme Court reprimanded the Sahara Group for not depositing the amount as directed by the court. The court said that this process has to be completed within 3 months from the date of depositing the subscription amount to the date of repayment.
A three-judge bench directed the Sahara Group to sell its properties and return the capital to investors. However, the bench comprising Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi made it clear that these properties cannot be sold at a price lower than the circle rate, and court approval is required in such a case.
Even after 10 years, Sahara has not complied with the order
During the hearing of this case, the Supreme Court bench expressed its displeasure and said that more than 10 years have passed and Sahara Group has not followed the court's order. In such a situation, investors are now hopeful of getting back the money stuck in Sahara India's companies. It is worth noting that during the hearing in the Supreme Court, Sahara Group's senior lawyer Kapil Sibal had said regarding the delay in returning the money that the company did not get a chance to sell its assets.
Three crore investors deposited huge amount
About 3 crore investors deposited huge amount in four cooperative societies of Sahara Group. Most of the investors are from Bihar, Jharkhand, Uttar Pradesh and Madhya Pradesh, but even after completion of the investment period, people did not get any return or capital. These four cooperative societies include Sahara Credit Co-operative Society Limited, Saharan Universal Multipurpose Society Limited, India Credit Co-operative Society Limited, Stars Multipurpose Co-operative Society Limited.
