|
The Supreme Court on Monday directed Sahara Group to hand over title deeds of its properties worth Rs 20,000 crores to SEBI within three weeks. Rapping the Sahara Group, the apex court said, "There is no escape and the money has to be paid."
"You indulge too much in hide and seek, we cannot trust you anymore," Supreme Court told Sahara while directing it to handover valuation report of its properties. "If Sahara Group doesn't hand over title deeds within three weeks then Subrata Roy and other directors can't leave the country without its permission," the court added.
Sahara group came under the market regulator Sebi and Supreme Court scanners for raising funds from millions of investors allegedly in violation of laws. The apex court had on August 31 last year directed the two Sahara group companies to refund the money to their investors with 15 per cent interest per annum.
Last week ET reported that, the Subrata Roy-run Sahara group was in for fresh trouble, this time from the provident fund department.
Central Provident Fund Commissioner KK Jalan has asked officers at the fund's Uttar Pradesh office to initiate swift action for alleged compliance lapses by Sahara group, which claimed to have 10.13 lakh employees in an advertising blitzkrieg last December.
The move came days after the Supreme Court asked two of the Sahara group companies whether they can give a 20,000-crore bank guarantee. The court was hearing a contempt petition by the Securities and Exchange Board of India (Sebi) against the group.
Sahara had launched the advertising campaign to counter the pall of negativity around its activities ever since it came under the market regulator Sebi and Supreme Court scanners for raising funds from millions of investors allegedly in violation of laws. (Economic Times)
|
