Like millions of investors, if your money is also stuck in the savings schemes of Sahara India, then there is good news for you. The Supreme Court has reprimanded the Sahara Group and has clearly said that there should be no delay in returning the money of the investors and for this the group can return the money by selling its assets. This big comment has been made by the court regarding the deposit of about Rs 10,000 crore in the SEBI-Sahara refund account.
10000 crores to be deposited in the account
In the SEBI vs Sahara case, the Supreme Court said that there is no restriction on the Sahara Group to sell its assets to deposit about Rs 10,000 crore in the SEBI-Sahara refund account to return the trapped money of the investors and it can return this money by selling it.
In its directive issued on August 31, 2012, the Supreme Court had clearly stated that Sahara Group companies SIRECL and SHICL will return the money collected from individual investors or groups of investors to SEBI with 15 per cent annual interest.
SC reprimanded Sahara Group
The Supreme Court has expressed its displeasure and reprimanded the Sahara Group for not depositing the amount as per the court’s instructions. The court has said that all this has to be done within 3 months from the date of depositing the membership amount till the date of repayment.
Now a three-judge bench has directed the Sahara Group to sell its properties and return the investors’ money. However, the bench of Justices Sanjeev Khanna, MM Sundaresh and Bela M Trivedi has clarified that these properties should not be sold at a price lower than the circle rate and in such a situation, it is necessary to first take permission from the court.
’10 years have passed, orders were not followed’
The Supreme Court bench, while expressing its displeasure during the hearing of the case on Tuesday, also said that more than 10 years have passed and the Sahara Group has not followed the court’s order. In such a situation, now the hope of investors to get their hard-earned money stuck in Sahara India’s companies has increased. It is worth noting that during the hearing in the Supreme Court, senior advocate Kapil Sibal, who appeared on behalf of the Sahara Group, had said that the company was not given an opportunity to sell its assets for the delay in returning the money.
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