Bench which offered refund will hear Sahara’s plea
New Delhi- The two Sahara group firms who are subjected to refund a sum of Rs. 24,000 crore to their investors will have their plea heard by the same bench which had refunded on August 31 2012. The Sahara firms are subjected to pay 15 percent interest to their investors.
The bench which had refunded will be reconstituted to hear their plea. On behalf of the Sahara Group, an application for extension of time was sent to the bench. The judgement of August 31 was delivered on January 7, 2013 by the bench of justices Radhakrishnan and Khehar with both on separate benches.
However, on December 5, both the Sahara firms were addressed to make immediate payment of Rs. 5,120 crore and the balance in two installments by the bench headed by Chief Justice Altamas Kabir. The two Sahara Groups firms are Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL).
By the first week of January, a payment of Rs. 10,000 crore was made as the first installment. The groups were also demanded to supply the documents relating to the investors to Sebi within a period of 15 days by the bench headed by Chief Justice Altamas Kabir. In case of a delay, a lead to attachment of assets through market regulator was declared.
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