Market regulator Sebi on Friday filed a contempt petition against theSahara Group in the Supreme Court for not complying with the apex court’s directions relating to refund of around Rs 24,000 crore raised by two of the Group’s firms from investors through optionally fullyconvertible debentures.

Sebi has said that the two firms, Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC), have not followed the court’s direction to furnish within 10 days the information about the investors. The petition has been filed two weeks after the apex court asked Sebi to take action as per the law for not following its directions to SIREC and SHIC to refund around Rs 24,000 crore to investors within three months. (Indian Express)