The Apex Court provided a major relief to the two real estate companies of Sahara Group and asked the market regulator SEBI to accept their pay order of Rs. 5,120 Crore as part payment of the investor's money they had collected through optionally fully convertible debentures.
The apex court bench, headed by Chief Justice Altamas Kabir Wednesday said that besides depositing Rs.5,120 crore, the Sahara Group companies - the Sahara India Real Estate Corporation and Sahara Housing Investment Corporation - would deposit remaining amount in two installments.
The bench of Justice Justice K.S. Radhakrishnan and Justice J.S. Khehar Aug 31 directed the Sahara companies to deposit Rs.17,400 crore with 15 percent interest with the Securities and Exchange Board of India (SEBI) within three months, which the company failed to do.
The court said that Sahara would deposit a sum of Rs.10,000 crore in the first week of January next year and the balance amount in the first week of February.
The court directed Sahara to submit all the relevant documents to the market regulator within 15 days.
The court brushed aside SEBI senior counsel's submission that the court should recall his objections that the judges who passed it should have modified the Aug 31 order.
Another senior counsel, Vikas Singh, who appeared for a group of investors, said the court is passing the order in the guise of protecting the interest of investors and they are not being heard.
(With inputs from IANS)
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