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Supreme Court asks Sahara to refund Rs 17,000 cr to investors | | The Supreme Court on Friday directed Sahara group's real estate company to
return with a 15-per cent interest the Rs.17,000 crore it had mopped up as debentures from
investors.
A bench of Justices K S Radhakrishnan and J S Khehar directed Securities and Exchange
Board of India (SEBI) to take action against the companies of Sahara India Real Estate
Corporation and Sahara Housing Investment Corporation, if they fail to refund the money.
The apex court allowed the regulatory body to attach properties and freeze bank accounts of
these two companies if they did not comply with its order.
The court has appointed formal apex court judge Justice B.N. Agarwal to oversee the
compliance of its order.
On June 14, the apex court had reserved its verdict on a plea by the Sahara group of
companies, dealing in real estate and housing, challenging a tribunal's direction to repay the
money.
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