Gave enough chances to repay Rs 10K crore dues: Supreme Court to Sahara

The Supreme Court on Tuesday said there is no embargo on Sahara Group to sell its properties to pay Rs 10,000 crore out of the Rs 25,000 crore for returning investors' money according to the apex court order of 2012.

The court also asked the Sahara group to submit a scheme for the sale of its immovable, domestic and offshore properties by September 5(Thursday).

The court said it has received information that the capital markets regulator currently has Rs 15,000-odd crore in the SEBI-Sahara Fund. "There is complete ambiguity about the rest of the amount," the court was told.

"More than 10 years have passed, and you still haven't deposited the money. "Sebi is seeking the remaining Rs 10,000 crore…How will you muster the remaining Rs 10,000 crore?" a bench of Justices Sanjiv Khanna, Bela Trivedi and MM Sundresh asked Sahara.

Senior advocate Kapil Sibal, appearing for Sahara, said the company did not have a fair opportunity to sell its properties as no one wants to touch its properties.

Responding to this, the court said, "You have been given enough chances…It is incorrect to claim that Sahara did not receive a fair opportunity to sell the properties. To say that you were not given free arm to sell the property was incorrect. There is no embargo on (the)Sahara family on selling assets. Even less than circle rate by 10% is allowed if the court’s approval is there. To say that no not is being given a chance to sell the property is wrong…”

Justice Khanna at the end of the hearing again clarified that there is no bar on the sale of the properties. 

The Supreme Court, on August 31, 2012, upheld an order by Sebi, and directed Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund investors, with 15 per cent interest. The funds were to be deposited with Sebi.

“If, after the verification of details furnished, (Sebi) is unable to find out the whereabouts of all or any of the subscribers, then the amount collected from such subscribers will be appropriated to the Government of India,” the Supreme Court had said.

Sebi had in 2011 ordered the two Sahara Group firms — Sahara India Real Estate and Sahara Housing Investment Corporation — to refund the money raised from nearly 30 million investors. It was done through certain bonds known as optionally fully-convertible bonds.