SC became to strict against Sahara to enforce distribution of money of the investors in time . The order was passed after the court ruled out that Sahara has not complied with SC directions to furnish title deeds of properties worth Rs 20000 crore. SEBI on Wednesday told the Supreme Court that Sahara group overvalued its properties and did not hand over all original title deeds of assets worth Rs 20,000 crore as per its direction. The market regulator said that apex courts order has not been complied with by the group and assets whose documents were given to it is worth much less than Rs 20,000 crore. A bench of justices KS Radhakrishnan and JS Khehar expressed displeasure on the issue but refrained from passing any order as the Saharas arguing counsel was not present in the court. Sahara gave SEBI documents of two plots of land. One of the two properties is a 106-acre land in Versova, a western suburb, which according to it is worth around Rs 19,000 crore and the other is a 200-acre land in Vasai, which it estimates to be worth about Rs 1,000 crore. The valuation of the properties was challenged by SEBI. The Supreme Court had on August 31 last year directed the Sahara group to refund Rs.24,000 crore by November 2012. The deadline was further extended and the companies were directed to deposit Rs. 5,120 crore immediately and Rs. 10,000 crore in first week of January and the remaining amount in first week of February. The Sahara group, which had handed over the draft of Rs. 5,120 crore on December 5, has failed to pay the rest of the amount. Sahara firms had offered seemingly lucrative bonds to investors, promising, in some cases, to return three times the face value after a period of 10 years
Posted on: Fri, 22 Nov 2013 07:34:28 +0000
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