Sahara Asked to Return 17,400 Crore to Investors

Bangalore: In a major setback to the Sahara Group, the Supreme Court on August 31 directed two of its companies to refund around 17,400 crore to their investors within three months with 15 percent interest. A bench of justices K S Radhakrishnan and J S Khehar directed Securities and Exchange Board of India (SEBI)to take action against the companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they fail to refund the money. The Supreme Court allowed the regulatory body to attach properties and freeze bank accounts of the two companies if they did not comply with its order. The bench further directed Securities and Exchange Board of India to conduct investigation against the companies to find out their actual subscriber base besides getting other relevant information. It directed the companies to furnish all their documents and account details before the regulatory body and appointed a former judge B N Aggarwal to oversee the probe by SEBI against the two Sahara firms.