SC Demand Details of Sahara Shareholders, Properties

                The Supreme Court on Wednesday asked the 
Sahara Group to apprise it of its officials at the 
helm and the current shareholders besides the 
list of unencumbered properties which 
can be sold to realise Rs 10,000 crore.
The amount has to be deposited in SEBI-
Sahara refund account for returning the 
investors' money.
In a series of directions on August 31, 2012, 
the top court had directed that Sahara Group 
firms Sahara India Real Estate Corporation Ltd 
(SIRECL) and Sahara Housing Investment 
Corporation Ltd (SHICL) would refund the 
amount collected from individual investors or 
group of investors, with interest of 15 per cent 
per annum to SEBI from the date of receipt of 
the subscription amount till the date of 
repayment within three months.
A bench of Justices Sanjiv Khanna, M M 
Sundresh and Bela M Trivedi said the court has 
to find some practical solution for refunding 
the investors' money as the issue is pending 
for 
over a decade.
"Sahara Group has said that it will submit 
some scheme for depositing around Rs 10,000 
crore. This matter cannot go on and on. It has 
been more than 10 years since the court 
directed for a deposit of Rs 25,000 crore. We 
have to find some practical solution to make a 
headway as the company has only deposited 
around Rs 15,000 crore till now," the bench 
said.
Justice Khanna pointed out that senior 
advocate Kapil Sibal, appearing for the Sahara 
Group told on Tuesday that the company will 
submit a roadmap for depositing the balance 
amount.
Senior advocate Arvind Datar, appearing for 
SEBI, said after the demise of Subrata Roy in 
2023, no one knows who heads the company 
and how it is going to deposit the money in 
compliance with the court's order.
"We want to know about the current 
organisational structure including names of 
directors and the shareholders," the bench 
said, adding that on Thursday it will first deal 
with the 
question of sale of properties and then it 
would deal with the question of refund of 
money to the investors.
"We will peruse the roadmap to be submitted 
by Mr Sibal and also the previous roadmaps, 
which have been given in this court. We want a 
list of all the encumbered and 
unencumbered properties of the Group except 
for Aamby Valley, so that necessary directions 
can be passed on them," the bench said.
The bench asked senior advocate Shekhar 
Naphade, who has been appointed as amicus 
curiae in the matter to start his submission on 
Thursday.
On Tuesday, the top court said there is no 
embargo on Sahara Group to sell its properties 
for depositing around Rs 10,000 crore in SEBI-
Sahara refund account for returning investors' 
money.
While expressing displeasure over the Sahara 
Group not depositing the full payment as 
directed by the court, the bench had said, 
"There is no embargo on Sahara Group in 
selling its 
properties for depositing the remaining Rs 
10,000 crore out of Rs 25,000 crore ordered by 
the court. Only thing was that it should not be 
sold below the circle rate and if it is to be sold 
below the circle rate, then prior permission of 
the court is to be sought."
In November 2023, Sahara Group chief Subrata 
Roy, who was earlier ordered to be taken into 
custody by the court in the matter, passed 
away at a private hospital in Mumbai.
Earlier, SEBI told the court that in terms of the 
2012 order of the top court, Sahara firms have 
till date deposited Rs 15,455.70 crore which 
has been invested in fixed deposits of 
various nationalised banks and as on 
September 30, 2020, the total amount along 
with interest earned in SEBI-Sahara refund 
account is Rs 22,589.01 crore.
It had said the contemnors Sahara Group chief 
and his firms SIRECL and SHICL are in "gross 
violation" of various orders passed by the court 
regarding the deposit of "entire monies" 
collected along with the interest.
A contemnor is a person or entity which has 
been held to be in contempt of court.
The market regulator said out of the total 
outstanding principal liability of Rs 25,781.32 
crore, SEBI has realised only Rs 15,455.70 
crore from the Saharas and from sale of 
properties 
of the group.
"The balance amount of Rs 10,325.62 crore 
(principal amount) is still to be paid by Sahara 
Group. It is submitted that as on September 
30, 2020, total net liability of Saharas was Rs 
62,602.90 crore taking into consideration 
interest at Rs 15 per cent in terms of directions 
of this court dated August 31, 2012," SEBI had 
said in its 2020 application filed in the matter.



Source : Economic Time