Supreme Court notice to Sahara firms on SEBI's contempt plea
The Supreme Court Wednesday issued notice to Sahara group's two real estate companies on a petition by the Securities and Exchange Board of India seeking contempt proceedings against them for their failure to comply with Dec 5, 2012 order of the court.
The apex court Dec 5, 2012 order asked the market regulator to accept Sahara's pay order of Rs.5,120 crore as a part-payment of the investors' money that Sahara India Real Estate Corp and Sahara Housing Investment Corp had collected through optionally fully-convertible debentures.
This is the second contempt petition that the market regulator has filed against the Sahara group's real estate companies.
The apex court in its order said that Sahara would deposit Rs.10,000 crore in the first week of January and the balance amount in the first week of February.
(Posted on 24-07-2013)