15 percent Interest to be levied on 3 crore Real Estate Investors
No Comments Sub Category:Awareness,Realty News Posted On: Oct 28, 2011
Sahara India Real Estate and Sahara Housing Investment Corporation has been ordered by Supreme Court to collect nearly 15 percent of interest form all the 3 crore investors and has been granted a deadline of six weeks to complete the same. Also Sahara India Real Estate agreed for the court orders and have promised to do the same at the earliest. Also the Securities Appellate Tribunal (SAT) has also ordered Sahara group to refund Rs 24,000 crore for violating real estate securities laws.
It stated that any company which upholds shares or debentures exceeding 50 persons or more in number is thus subjected as a public issue and this will be considered under the eye of law. Sahara India Real Estate for now owns nearly Rs 17,656 crore shares and 22.1 million investors. The similar scenario has been traced at Citi corp Finance India Ltd, a Mumbai based financial company who has issued the shares in the name of private firms to more than thousand customers.
Source: First post
Tags:
Citi corp Finance India Ltd, Mumbai, real estate investors, Real estate laws, Sahara Housing Investment Corporation, Sahara India Real Estate, Securities Appellate Tribunal (SAT), Supreme Court
