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Coming down heavily on the Sahara group for not refunding ₹20,000 crore of investor money despite its order, the Supreme Court on Thursday directed Sahara chief Subrata Roy to appear before it in person and allowed SEBI to go ahead with the sale of the group’s properties.
The apex court also directed Ravi Shankar Dubey, Ashok Roy Choudhary and Vandana Bhargava, directors of Sahara India Real Estate Corp Ltd and Sahara India Housing Investment Corp Ltd, to appear before it on February 26.
Sell orderA Bench of justices KS Radhakrishnan and JS Khehar also asked SEBI to sell Sahara group properties whose sale deeds were handed over to the market regulator to recover the ₹20,000 crore dues.
“We allow you to sell those properties and recover the money. If they are encumbered properties then you can file a criminal case against the company. The case must be brought to a logical conclusion,” the Bench said.
“What is the difficulty in selling the property. Put it on auction and get the money. Forget about the value,” the bench told SEBI after the regulator sought to let Sahara sell the properties and deposit the money.
The apex court, in its judgment of August 31, 2012, had directed SEBI to attach the properties and recover the money.
The bench also questioned the group for raising the defence that the company had already returned the money to the investors.
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