Sebi free to freeze accounts, seize properties of Sahara Group companies: SC

Feb 06 2013, 21:48 IST
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Ram Jethmalani Ram Jethmalani
SummaryRam Jethmalani, appearing for Sahara, said nothing is due and it is difficult to deposit Rs 10,000 cr.

companies, with an immediate upfront payment of Rs.5,120 crore.

A bench headed by Chief Justice Altamas Kabir had ordered the Group to immediately hand over a demand draft of Rs 5,120 crore to SEBI and said the balance amount shall be deposited with the market regulator in two instalments to be cleared by early February.

SIREC had collected Rs.19,400.87 crore on March 13, 2008 and SHICL had collected Rs 6,380.50 crore. But the total balance on August 31 is Rs 24,029.73 crore after premature redumption.

The group might have to fork out around Rs 38,000 crore as of now which includes the principal amount of Rs 24,029.73 crore and interest of around Rs 14,000 crore.

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