SC directs Sahara group to submit property sale plan for investor refund by Thursday
Supreme Court on Tuesday asked the Sahara group to submit a “scheme” for the sale of its immovable, domestic and offshore properties by Thursday. This is to raise money for refund of more than Rs 24,029 crore collected by its two entities — Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) — from 3.3 crore bond investors, with an interest of 15% from March 2008, as directed by the apex court in a series of orders since August 2012.
A bench comprising Justices Sanjeev Khanna, Bela Trivedi and MM Sundresh told Sahara’s senior advocate Kapil Sibal that “more than 10 years have passed, and you still haven't deposited the money… SEBI is seeking the remaining Rs 10,000 crore. How will you muster the remaining Rs 10,000 crore?”
Sibal said that Sahara group did not have a fair opportunity to sell its properties to pay the balance amount and no one wanted to “touch its properties.”
However, Justice Khanna retorted: “It is incorrect to claim that Sahara did not receive a fair opportunity to sell the properties. To say that you were not given free arm to sell the property was incorrect. There is no embargo on Sahara family on selling assets. Even less than circle rate by 10% is allowed if the court’s approval is there. To say that no not is being given a chance to sell the property is wrong…”
Justice Khanna also observed that there are allegations that Sahara's most of the “depositors are fictitious” and “properties were benami and illegal,” but he said that it will
