No embargo on Sahara Group to sell properties for depositing Rs 10K cr: SC

The Supreme Court on Tuesday said there is no embargo on Sahara Group to sell its properties for depositing around Rs 10,000 crore in SEBI-Sahara refund account for returning investors' money.

In a series of directions on August 31, 2012, the top court had directed that Sahara Group firms — SIRECL and SHICL — would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI from the date of receipt of the subscription amount till the date of repayment within three months.

A Bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi expressed its displeasure over the Sahara Group not depositing the amount as directed by the court. Senior advocate Kapil Sibal, appearing for the Sahara Group, said the company was not given opportunity to sell its properties and moreover no one came forward or is coming forward to purchase the properties as there was embargo on selling them.

“There is no embargo on Sahara Group in selling its properties for depositing the remaining Rs 10,000 crore out of Rs 25,000 crore ordered by the court. Only thing was that it should not be sold below the circle rate and if it is to be sold below the circle rate, then prior permission of the court is to be sought,” the Bench told Sibal. It said more than 10 years have passed and the Sahara Group has not complied with the order of the court.

“SEBI is seeking around Rs 10,000 crore. You need to deposit it. We want a distinct plan, so that the property can be sold in a transparent manner. We will rope in SEBI also in this exercise,” the Bench further added.