BackSebi moves SC to make Sahara pay investors
Sebi also wants SC to direct Sahara to sell overseas assets and provide a schedule for payments
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New Delhi: The Securities and Exchange Board of India (Sebi) on Thursday approached the Supreme Court, seeking payment of ₹ 47,000 crore from the Sahara group.
In what could be a new twist to the Sebi-Sahara saga, the capital markets regulator has sought directions to the Subrata Roy-owned group to give details of offers it has received for its three overseas properties till date.
Sahara has put the properties on the block to raise ₹ 10,000 crore to secure bail for Roy and three group directors ordered to be jailed in March.
The regulator also wants court directions to be issued to Sahara to sell the assets and provide a schedule for payment of roughly ₹ 47,000 crore that the court has ordered should be deposited with Sebi, PTI reported.
Sahara group couldn’t be reached for comment on Thursday.
Sebi has been locked in a legal tussle with the a conglomerate over repayment of investor money. In 2012, the apex court directed Sahara to return nearly ₹ 20,000 crore with 15% interest. The order wasn’t complied with.
The regulator then moved a contempt petition in the Supreme Court against the two Sahara companies—Sahara India Real Estate Corp. Ltd (SIRECL) and Sahara Housing Investment Corp. Ltd (SHICL)— that raised money from investors through sale of securities that Sebi ruled were illegal.
Roy and two Sahara group directors have been in jail since 4 March on the orders of the Supreme Court, which issued non-bailable arrest warrants against them for failing to appear before it in connection with the contempt proceedings.
Khushboo Narayan in Mumbai contributed to this story.
Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s dispute with Sebi. Mint is contesting the case.
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