NEW DELHI, Aug 9:
The Supreme Court today said it would hear very soon business conglomerate Sahara’s plea seeking its direction not to auction the Aamby Valley property. The bench was headed by Justice Dipak Misra.
Sahara said it was in the process of repayment of funds to its investors. Market regulator Securities and Exchange Board of India had alleged that Sahara chairman Subrata Roy ‘Sahara’ had failed to comply with a 2012 order of the apex court directing him to return investors more than Rs 20,000 crore with 15 per cent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised in 2007 and 2008 through optionally fully convertible debentures. Sahara, once one of India’s most high-profile firms, had in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.
The conglomerate contends that it has paid more than 80 per cent of the dues to bond holders but SEBI said Sahara has not shelled out more than Rs 9,000 crore. (UNI)
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