Sahara Group order could freeze real estate projects across India
ENS Economic Bureau: Mumbai, Feb 14 2013, 01:03 IST
as per the order of the Hon’ble Supreme Court, Sahara has filed interim application before the.... court interalia praying that Sahara be permitted to furnish security through a credible financial institution instead and in place of the payment of the balance instalments, since Sahara has already redeemed significant number of (debenture holders) and any further payments to Sebi would amount to double payment. The said interim application is pending and is likely to come up next week.”
The apex court in August last year had asked Sahara group firms to refund the money with 15 per cent interest and had asked Sebi to facilitate the refund. However, the group in December 2012 was allowed to pay the money in three instalments, including an immediate payment of Rs 5,120 crore.
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