The Supreme Court today came down hard on Subrata Roy-led Sahara Group and directed the companyto hand over title deeds of its properties worth Rs 20,000 crore to market regulator Sebi within three weeks.
A bench of the apex court passed the order on a contempt petition filed by Sebi alleging that the Sahara Group firms -Sahara India Real Estate Corp. Ltd (SIRECL) and Sahara Housing Investment Corp. Ltd (SHICL)have failed to comply with its 31 August, 2012, order of refunding around Rs 24,000 crore to investors through Sebi.
The court had also said that Sebi could attach properties and freeze the bank accounts of the companies if they failed to refund the money.
Rapping the Sahara Group, the apex court said, "There is no escape and the money has to be paid.You indulge too much in hide and seek, we cannot trust you any more."
If Sahara fails to hand over the title deeds within three weeks then Subrata Roy and other directors will not be able leave the country without the apex court's permission.
Sahara had earlier this month agreed to pledge immovable property as security, but the market regulator questioned the valuation of the properties.
Sebi's counsel said the Sahara group must sell it property and pay money to the regulator.
Updated Date: Dec 20, 2014 23:41:17 IST