SC asks Sahara Group to furnish list of top officials
Real Estate

SC asks Sahara Group to furnish list of top officials

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.

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.

Next Story
Resources

Ajmera Realty launches tree drive on Environment Day

Ajmera Realty & Infra India marked World Environment Day with a large-scale tree plantation initiative—Plant-with-Purpose—across its projects in Mumbai and Bangalore. The drive was inaugurated at Ajmera Manhattan and Ajmera Greenfinity in Wadala, with senior company officials and residents in attendance. The campaign encourages residents to embrace eco-conscious, self-reliant lifestyles by growing useful plants and trees within their communities. Horticulture expert Devendra Bhekar guided residents on creating and maintaining green spaces. Ajmera Realty planted over 500 trees..

Next Story
Resources

Twaron®-reinforced tyre powers Brunel’s solar race car

Teijin Aramid’s Twaron® with circular content will debut in Bridgestone’s race tyres for the 2025 Bridgestone World Solar Challenge, supporting the Brunel Solar Team’s Nuna 13 car. This marks the first use of the recycled-content aramid in a high-performance race tyre. The Twaron®-reinforced belts help enhance durability, reduce rolling resistance, and maintain lightweight strength—critical for the 3,000-km solar race across Australia. Bridgestone combines this with ENLITENTM tech and other recycled inputs to maximise environmental and performance outcomes. Teijin Aramid, a..

Next Story
Building Material

Kamdhenu Paints launches new wood coating range

Kamdhenu Paints has launched a comprehensive premium wood coating range designed for both interior and exterior applications. The collection includes high-performance solutions like Kamwood 2K PU for a rich matt or high-gloss finish, Kamwood 1K PU for clarity and stain protection, and the Kamwood Melamyne system for a smooth, durable finish. Also featured are Kamwood Wood Stains, which enhance wood grains with vibrant colour, and NC Sanding Sealer for high-build grain filling. The range is supported by Kamwood Thinners for ease of application and optimal finish. Saurabh Agarwal, MD, ..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?