- SC asks Sahara to give Rs 20k-cr property deeds to Sebi in 3 weeksSeal 976 factories running without permits in Gandhinagar: High Court to civic bodyNo 'hide and seek': SC tells Sahara to hand over property title deeds to Sebi‘Firecrackers flout noise norms, have high heavy metal levels’
and the company would liquidate if it is directed to pay cash. He had given details of properties including Ambey Valley and said that title deeds of various assets would run in thousands of pages as 30,000 title deeds are there.
SEBI, however, had expressed reservation over taking title
deeds and said the group itself should sell the properties and hand over the cash to it. But the bench had asked SEBI to go through the title deeds and valuation records of the properties to be handed over to it by Sahara.
The court was hearing three contempt petitions filed by SEBI against Roy, the two firms--Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)--and their directors.
It had on August 31 last year directed the Sahara Group to refund Rs 24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and the remaining amount in first week of February.
The group, which had handed over the draft of Rs 5,120 crore on December 5, 2012 has failed to pay the rest of the amount.
It had directed the two companies to refund the money to their investors within three months with 15 per cent interest per annum. It had also said SEBI can attach the properties and freeze the bank accounts of the companies if they fail to refund the amount.
The two companies, their promoter Roy and directors Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary were told to refund the collected money to the regulator.