SC asks Sahara to refund Rs 24,000 cr to investors by February

Mangalore Today/ PTI

New Delhi, Dec 5, 2012: The Supreme Court today allowed the Sahara Group to pay back Rs 24,000 crore with 15 per cent interest to investors of its two firms.

A bench headed by Chief Justice Altamas Kabir directed the Sahara Group to immediately hand over a demand draft of Rs 5,120 crore to market regulator SEBI and said the balance amount shall be deposited with the market regulator in two instalments.

 

The bench also comprising justices S S Nijjar and J Chelameswar made it clear that the first instalment of Rs 10,000 crore has to be paid by first week of January 2013 and the remaining by first week of February 2013.

The bench, which said it was considering Sahara’s application to protect the interest of the investors, also expressed displeasure with Sahara’s statement for extension of time for payment, saying it could not be accepted at face value.

The order passed by the bench was objected to by SEBI and an association of the investors who said that the directions were being given without hearing their submissions.