SC orders Sahara Group to hand over Rs.20,000 crores worth of property title deeds

The Sahara Group has been ordered by the Supreme Court to hand over title deeds of properties worth Rs.20,000 crore to the Securities and Exchange Board of India (SEBI) after hearing three contempt of court petitions filed by SEBI against the group's owner Subrata Roy.

An apex court bench headed by Justices K. S. Radhakrishnan and J. S. Khehar warned Roy that he would not be permitted to go abroad till the title deeds of the properties are handed over. The court has given Roy three weeks to comply with its latest order.

The case against Roy relates to him failing to deposit money belonging to Sahara investors' with the SEBI.

The contempt petitions filed by SEBI are related to Sahara firms-Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) - and their directors.

C.A. Sundaram, Roy's counsel had earlier pleaded that his client's reputation and business would be hit by the court order, but the latter said:"You indulge too much in hide-and-seek. We cannot trust you any more. There is no escape for you and the money has to come."

The Bench, however, assured Sahara that its interests will be protected if investor money is paid.

The next date of hearing has been fixed for November 20.