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Posted on Dec 05, 09:21PM | UNI
The Supreme Court today granted relief to the two real estate Sahara Group companies on the issue of refund of Rs 24,000 crore to the investors.
A bench headed by Chief Justice Altamas Kabir directed that the two companies shall deposit the amount to Securities and Exchange Board of India (SEBI) in three monthly instalments.
Sahara group shall deposit the first instalment of Rs 5,120 crore this month and remaining amount of Rs 18,880 crore shall be paid in two equal instalments in January and February next year.
The apex court, however, upheld its earlier judgement directing Sahara group to pay Rs 17,400 crore with interest of 15 per cent per annum within three months.
Today, however the apex court has granted three more months to the group to pay the money to lakhs of its investors.
Counsel for Sahara submitted before the court that the companies have invested the money in other schemes and therefore wanted some time to refund the amount.
SEBI, however, contended that the petitioner companies have committed contempt of this court by defying the orders of the court deliberately and intentionally.