All problems to be resolved in 2020; two foreign investors roped in for realty, city development business: Sahara chief Subrata Roy
Roy said Sahara has huge land parcels but developing townships or colonies on them has been difficult due to lack of funds for internal infrastructural development.
Senior advocate Kapil Sibal, appearing for the Sahara group, sought to push back the publication of the sale notice
"You must give a definite answer by Tuesday," a bench of justices K S Radhakrishnan and J S Khehar said while adjourning the case for 30 July on plea of the companies.
Since Sahara claims it has already paid Rs 5,120 crore to Sebi as part of the Supreme Court's order to repay its investors, Sahara is actually eligible for a refund from the regulator. In other words, it has deposited with Sebi more than it should have.
More reports are coming in that the Sahara Group is pressuring investors to roll the money in OFCDs to other schemes - in contravention of Sebi/SC orders
SC has asked the two cos to file a detailed affidavit explaining as to how it will protect the interests of their 2.3 crore investors who have put in money in Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
The Securities Appellate Tribunal has upheld the Sebi order that two Sahara companies must return the funds they collected from investors.