Sahara-Sebi case: Tribunal dismisses deadline extension plea
PTI: Dec 20 2012, 12:27 IST
appeal, the Supreme Court on December 5 directed the two companies to refund the outstanding payments to the investors with 15 per cent interest in phases in nine weeks.
While the companies were asked to make an immediate payment of Rs 5,120 crore, the court also asked them to pay the first instalment of Rs 10,000 crore by the first week of January and the remaining by the first week of February.
The bench headed by Chief Justice Altamas Kabir also directed Sahara Group to supply the documents relating to investors within 15 days and warned that failure to fulfill its directive on payment of the money to Sebi will lead to attachment of assets.
As per an earlier Supreme Court order dated August 31, the two companies were asked to submit the investor documents by November 10, while the money was to be refunded to the investors within three months.
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