Ummid Assistant

Mumbai NGO, top experts join hands to train students for civil services exams

Welcome Guest! You are here: Home » Business & Economy

SEBI free to take act against Sahara if investors money not refunded: SC

Friday October 19, 2012 07:38:25 PM, IANS

Related Article

Return Rs.17,400 crore to investors, Surpeme Court tells Sahara

The Supreme Court Friday directed the Sahara group's real estate companies to return with 15 percent interest the over Rs.17,000 crore ($3.5 billion) it had mopped up as debentures from investors in 2008 and 2009. "Sahara's SIRECL and SHICL would refund the amounts collected through RHPs  »

New Delhi: The Supreme Court Friday told market regulator SEBI that it was free to initiate action against two real estate companies of the Sahara group if they fail to take steps for the refund of investors' money as directed by the apex court.

A bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar told the Securities and Exchange Board of India: "You take decision according to law. It is the duty of the SEBI."

The court's direction came as it observed that "after so many years, the Sahara real estate companies have not furnished the detail of investors. We gave then time, still they have not done it".

The court said this after it was told that Sahara companies were directed to furnish all the details of the investors within ten days of its Aug 31 order.

The court also inquired how the time for furnishing the details of the investors was extended after the expiry of the ten days.

Noting that the details of the money to be refunded has not been made available within the period ordered by it, the apex court said: "Whatever it means let Sahara submit all the details and documents to show that all investments were genuine."

The court asked the senior SEBI counsel Arvind Dattar about the status report of all that had happened since the pronouncement of its judgment.

As Dattar said that SEBI would be filing periodic report every month on the status of execution of Aug 31 order, the court said: "We don't want to monitor. We only want status report."

The court declined to take note of the submission by senior counsel Gopal Subramanium, appearing for Sahara, that they were moving an application seeking the extension of time.

He told the court that they have "struck the structure" for making available the original records of the investors.

Subramanium told the court that Saharas have already given to SEBI the schedule along with the numbers of the trucks for the supply of the original documents. He said that they wanted to retain the photo copies of the investment papers which they would require for tax purposes.

Brushing aside the submission by Subramanium, Justice Khehar said: "We have not heard anything... put it in writing."

Declining to pass any order on SEBI's application informing the court that two Sahara companies were not complying with its orders, the court however, took on record Subramanium's submission that they would be filing an application seeking the extension of time.

By its Aug 31 verdict, the apex court had directed Sahara group's real estate companies SIRECL and SHICL to return to investors Rs.17,400 crore with 15 percent interest that it had mopped up through optionally fully convertible debentures (OFCDs) in 2008 and 2009.





Home | Top of the Page


Note: By posting your comments here you agree to the terms and conditions of

Comments powered by DISQUS



More Headlines

2G auction: Airtel, Vodafone, Telenor submit applications

One killed, two injured in attack on Srinagar hotel

Nationwide Aadhar-based services to be launched Oct 20

Notice to TV Today, others in Khurshid defamation suit

Indian scientists develop new technique to probe Alzheimer's

Raze illegal construction at 'Akbarabadi mosque' site: Delhi HC

Mob tries to set afire UP official

Madhubani violence: Missing youth appears with girlfriend

Newsweek to end print edition

Indian-American doctor couple donate $12 mn to US varsity


Top Stories

Sharad Pawar involved in massive irrigation scam, says former cop

Former IPS officer-turned-activist Y.P. Singh Thursday accused union Agriculture Minister Sharad Pawar of being at the centre  »

Pawar's NCP, IAC deny ex-cop's claims

Khurshid is like 'mafia don': IAC

Gadkari, Ajit Pawar colluded in land fraud: Kejriwal


  Most Read

Raze illegal construction at 'Akbarabadi mosque' site: Delhi HC

The Delhi High Court Friday asked North Delhi Municipal Corporation (NDMC) to immediately raze the illegal construction from the site of a purported mosque excavated near the  »

Mob tries to set afire UP official

In a shocking incident, a crowd tried to set afire a senior Uttar Pradesh government official, police said. The incident occurred Thursday in Badayun, 274 km from here, when Neeraj Singh, a district supply officer, went to raid an outlet to probe complaints of diesel adulteration. An irate mob surrounded him and doused his vehicle with  »


  News Pick

Madhubani violence: Missing youth appears with girlfriend

A Bihar youth whose reported disappearance triggered violent protests in his home town Madhubani last week that left three people dead, was presented with his girlfriend in a district  »

Microsoft launches Ed-vantage educational programme

Microsoft Corporation India Wednesday announced the launch of a new education resourcing programme, Microsoft Ed–vantage, in response to strong feedback received from academic institutions   »

Khurshid skips inaugural ceremony of India's first glass mosque

Union Law Minister Salman Khurshid, who was scheduled to inaugurate India's first glass mosque here Thursday, has cancelled his trip due to a meeting of the empowered  »

Eid Al Adha in India on October 27

Most part of India will celebrate Eid Al Adha - the second most important Muslim festival which coincidence with Hajj - the annual pilgrimage to Makkah on October 27,  »

Arafat Day on Oct 25; Eid Al Adha in Arab world on Oct 26


Picture of the Day

Mrs Mohsina Kidwai along with Aligarh Muslim University (AMU) VC Lt. Gen. (Retd.) Zameer Uddin Shah riding the traditional chariot on her way to the Athletics Ground. Mrs Kidwai was the Chief Guest of the Sir Syed Day special function organised at the AMU on October 17.



RSS  |  Contact us


| Quick links



Subscribe to

Ummid Assistant



Science & Technology



About us




Government Schemes










Contact us




    Disclaimer | Terms of Use | Advertise with us | Link Exchange is part of the Awaz Multimedia & Publications providing World News, News Analysis and Feature Articles on Education, Health. Politics, Technology, Sports, Entertainment, Industry etc. The articles or the views displayed on this website are for public information and in no way describe the editorial views. The users are entitled to use this site subject to the terms and conditions mentioned.

© 2012 Awaz Multimedia & Publications. All rights reserved.