New Delhi, Oct. 4 (PTI): The Supreme Court today asked Subrata Roy-led Sahara group and market regulator Sebi to mutually formulate a mechanism for securing the payment of around Rs 19,000 crore of investors’ money.
The market regulator today questioned the sale deed and worth of the immovable properties that Sahara agreed to pledge as security.
A bench of justices K.S. Radhakrishnan and J.S. Khehar asked Sebi and Sahara to sit together to find out a mechanism and posted the case for hearing on October 28.
Referring to media reports that the group has recently purchased an immovable property in London worth Rs 256 crore, the bench said if the report was true, the group was well capable of paying the investors. It asked if Sahara could give a bank guarantee for the amount.
Senior advocate C.A. Sundaram, appearing for Roy, said the group could deposit the immovable property as security. However, Sebi’s counsel opposed the proposal, saying Sahara can itself sell the property and pay the amount to the regulator. The bench, thereafter, granted time to both the parties to formulate a mutually acceptable mechanism.
The court was hearing three contempt petitions filed by Sebi against Roy, the two firms — Sahara India Real Estate Corp and Sahara India Housing Investment Corp — and their directors.
The court had on August 31 2012 directed the two companies to refund Rs 24,000 crore to their investors within three months with 15 per cent interest per annum. So far, Rs 5,120 crore have been refunded.