SC alleges Sahara Realty for shady intentions
New Delhi- The Sahara Group real estate has been lashed by the Supreme Court for having shady intentions in terms of the money which had to be returned to the investors generated through debentures.
A deadline of seven days has been given for them to repay their customers.
According to the apex court bench of Chief Justice Altamas Kabir, Justice SS Nijjar and Justice J Chelameswar, it was said that Sahara Group had no intention of returning the money to the investors. They also stressed upon the poor for being kept in ignorance.
An order issued by the Securities Appellate Tribunal (SAT) was challenged by the Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
The court also has given an option of extending the deadline to pay up the investors. Despite the court’s decision the companies had not deposited any money. The Sahara companies also stated that they have invested in many cities and have repaid their investors.
As per Commonfloor’s point of view, firms like Sahara and others should avoid keeping the investors in dark by not repaying them or cheating them. The investors should also be cautious before investing.
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debentures, Investors, New Delhi, Sahara Group real estate, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation., Securities Appellate Tribunal (SAT), Supreme Court
