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Aamby Valley issue: SC directs Sahara chief to pay Rs 1,500 crore to Sebi

The apex court fixed September 11 as the next date of hearing in the case

ANI  |  New Delhi 

Sahara chief Subrata Roy
Sahara chief Subrata Roy

The Sahara group faced a setback on Tuesday with the Supreme directing Sahara chief to deposit Rs. 1,500 crore in SEBI-Sahara account by September 7 in connection with the issue.

The apex fixed September 11 as the next date of hearing in the case.

A three judge bench of the apex court, headed by Justice and comprising Justices and Arjan Kumar Sikri, was hearing the arguments between Sahara and the Securities and Exchange Board of (SEBI).

The alleged that Sahara chief allegedly failed to comply with the apex court's 2012 order directing him to return investors more than Rs. 20,000 crore with 15 percent interest that his two - the Sahara Real Estate Corp Ltd and the Corp. Ltd. - had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

The Sahara group vehemently denied the allegations of the and claimed to pay more than 80 per cent of the dues to the bondholders, but the market regulator, SEBI, disputed that and said they have not paid more than Rs. 9,000 crore dues.

First Published: Tue, July 25 2017. 21:28 IST