SC asks Sahara Group to furnish list of top officials

06 Sep 2024 CW Team

In its directions from August 31, 2012, the court had ordered Sahara Group firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), to refund the amounts collected from investors, with 15% annual interest, to SEBI within three months.

Justice Khanna noted that senior advocate Kapil Sibal, representing the Sahara Group, mentioned that the company would submit a roadmap for depositing the outstanding amount. On the other hand, senior advocate Arvind Datar, representing SEBI, pointed out that following the death of Subrata Roy in 2023, there was uncertainty about the company's leadership and how it planned to comply with the court's order to deposit the funds.

The court expressed its intention to understand the current organisational structure, including the names of directors and shareholders. It also stated that it would address the issue of property sales first, followed by the matter of refunding money to investors. The bench indicated that it would review the roadmap to be submitted by Mr. Sibal, as well as previous roadmaps, and requested a list of both encumbered and unencumbered properties, excluding Aamby Valley, to issue further directions.

The court asked senior advocate Shekhar Naphade, appointed as amicus curiae, to begin his submissions on Thursday.

On Tuesday, the Supreme Court clarified that there was no restriction on the Sahara Group selling its properties to raise the Rs 100 billion required for the SEBI-Sahara refund account. The bench expressed dissatisfaction with the group's failure to deposit the full amount as previously directed, but reiterated that property sales should not occur below the circle rate unless prior permission from the court is obtained. The court also referenced Subrata Roy's death in November 2023, noting that he passed away in a private hospital in Mumbai after having previously been ordered into custody in the matter.

The Supreme Court has asked the Sahara Group to provide details of its key officials and current shareholders, along with a list of unencumbered properties that can be sold to raise Rs 100 billion. This sum is to be deposited into the SEBI-Sahara refund account for the purpose of returning money to investors. In its directions from August 31, 2012, the court had ordered Sahara Group firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), to refund the amounts collected from investors, with 15% annual interest, to SEBI within three months. Justice Khanna noted that senior advocate Kapil Sibal, representing the Sahara Group, mentioned that the company would submit a roadmap for depositing the outstanding amount. On the other hand, senior advocate Arvind Datar, representing SEBI, pointed out that following the death of Subrata Roy in 2023, there was uncertainty about the company's leadership and how it planned to comply with the court's order to deposit the funds. The court expressed its intention to understand the current organisational structure, including the names of directors and shareholders. It also stated that it would address the issue of property sales first, followed by the matter of refunding money to investors. The bench indicated that it would review the roadmap to be submitted by Mr. Sibal, as well as previous roadmaps, and requested a list of both encumbered and unencumbered properties, excluding Aamby Valley, to issue further directions. The court asked senior advocate Shekhar Naphade, appointed as amicus curiae, to begin his submissions on Thursday. On Tuesday, the Supreme Court clarified that there was no restriction on the Sahara Group selling its properties to raise the Rs 100 billion required for the SEBI-Sahara refund account. The bench expressed dissatisfaction with the group's failure to deposit the full amount as previously directed, but reiterated that property sales should not occur below the circle rate unless prior permission from the court is obtained. The court also referenced Subrata Roy's death in November 2023, noting that he passed away in a private hospital in Mumbai after having previously been ordered into custody in the matter.

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