In a major setback to the Sahara Group, the Supreme
Court on Friday directed two of its companies to refund around Rs 17,400
crore to their investors within three months with 15 per cent interest.
A bench of justices K.S. Radhakrishnan and J.S. Khehar directed 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 SEBI 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.
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