The Supreme Court on Tuesday said Sahara India had been given "enough chances" to pay Rs 10,000 crore out of the Rs 25,000 crore total payment ordered by the apex court in 2012.
The court said it has received information that capital markets regulator Securities and Exchange Board of India (Sebi) currently has around Rs 15,000 crore in the Sebi-Sahara Fund.
“There is complete ambiguity about the rest of the amount,” the court was told.
“More than 10 years have passed, and you still haven't deposited the money. Sebi is seeking the remaining Rs 10,000 crore… How will you muster the remaining Rs 10,000 crore?” a Bench of Justices Sanjiv Khanna, Bela Trivedi and MM Sundresh asked Sahara
Senior advocate Kapil Sibal, appearing for Sahara, said the company did not have a fair opportunity to sell its properties as no one wants to touch its properties.
Responding to this, the court said, “You have been given enough chances.”
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Justice Khanna also clarified that there is no bar on sale of the properties.
The court has directed Sahara to list, by September 5, the properties it can sell to pay off the remaining Rs 10,000 crore. The case will be heard again on Wednesday.
The Supreme Court, on August 31, 2012, upheld an order by Sebi, and directed Sahara India Real Estate Corp and Sahara Housing Investment Corp to refund investors, with 15 per cent interest. The funds were to be deposited with Sebi.
“If, after the verification of details furnished, (Sebi) is unable to find out the whereabouts of all or any of the subscribers, then the amount collected from such subscribers will be appropriated to the Government of India,” the Supreme Court had said.
Sebi had in 2011 ordered the two Sahara Group firms — Sahara India Real Estate and Sahara Housing Investment Corporation — to refund the money raised from nearly 30 million investors. It was done through certain bonds known as optionally fully-convertible bonds.