Sahara group can sell its assets to return 10 thousand crores to investors, SC gives big relief

New Delhi. Sahara Group has got a big relief from the Supreme Court. During a hearing on Tuesday, the country’s top court said that there is no restriction on the Sahara Group to sell its assets to deposit about Rs 10,000 crore in the SEBI-Sahara Refund Account for returning investors’ money.

On August 1, 2012, the apex court had directed that Sahara Group companies – SIRECL and SHICL will return the amount deposited by the investors to SEBI with 15 percent annual interest. This interest will be payable from the date of depositing the amount to the date of repayment. A bench of Justice Sanjeev Khanna, Justice MM Sundaresh and Justice Bela M Trivedi expressed displeasure over the Sahara Group not depositing the amount as per the court’s direction.

Senior advocate Kapil Sibal, appearing for the Sahara group, said that the company was not given an opportunity to sell its properties. On this, the bench said that there is no restriction on the Sahara group to sell its properties to collect the remaining Rs 10,000 crore out of Rs 25,000 crore as per the court’s order. The court also added that the properties should not be sold at a price lower than the circle rate. In case of selling it at a price lower than the circle rate, prior permission of the court will have to be taken.