In a major setback to the Sahara Group, the Supreme Court today directed two of its companies to refund around Rs 17,400 crore to their investors within three months with 15 per cent interest.
A Bench of Justices K.S. Radhakrishnan and J.S. Khehar directed the Securities and Exchange Board of India to take action against the companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, if they fail to refund the money.
The apex court has allowed the regulatory body to attach the properties and freeze the bank accounts of the two companies if they did not comply with its order.
The Bench has further directed SEBI to conduct investigation against the companies to find out their actual subscriber base besides getting other relevant information.
It has also directed the companies to furnish all their documents and account details before the regulatory body and has appointed a former apex court judge B.N. Aggarwal to oversee the probe by SEBI against the two Sahara firms.