Sahara seeks review of SC verdict on refunding Rs 24k crore

Oct 05, 2012 |

New Delhi

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The Sahara group on Friday moved the Supreme Court seeking review of the verdict ordering it to refund Rs 24,000 crore, raised from investors through Optionally Fully Convertible Debentures (OFCDs). Challenging the apex court's August 31 verdict on 55 counts, the group sought the hearing of its review petition in the open court.

Setting the deadline to refund the money, the apex court had said if the firms -- Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) -- fail to refund the amount, SEBI can attach properties and freeze bank accounts of the companies.

It had asked the companies to refund the money to their investors within three months with 15 per cent annual interest.

It had also asked Sahara to furnish all its documents to SEBI and also appointed one of its retired judges, Justice B.N. Aggarwal, to oversee the action taken by SEBI against the two Sahara group firms.

Interestingly, the group filed the review petition a week after promising to the apex court that its two firms would refund the money within the stipulated time frame.

"We will refund the amount. There is no question of going back," senior advocate Gopal Subramaniam, appearing for the company, had told the apex court on September 28.

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