Millennium Post

SEBI moves SC on Sahara

Market Regulator SEBI on Wednesday approached the Supreme Court accusing the Sahara Group of not complying with its order to furnish documents about its two companies which were directed to refund around Rs 24,000 crore to their investors. SEBI filed an application alleging that the Sahara Group has not furnished all documents in their custody to the regulator by 10 September.

The court on 31 August had said that if the companies - Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC)--fail to refund the amount then SEBI can attack properties and freeze bank accounts of the companies.

Further, it had asked the companies to refund the money to their investors within three months with 15 per cent interest per annum.

It had also directed Sahara to furnish all documents in their custody to the regulator. 'Saharas are directed to furnish all documents in their custody, particularly, the application forms submitted by subscribers, the approval and allotment of bonds and all other documents to SEBI so as to enable it to ascertain the genuineness of the subscribers,' the court had said.
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