On Thursday(5th September),The Supreme Court directed Sahara Group to deposit Rs 1,000 crore into an escrow account within 15 days and permitted a joint venture to develop its Versova land, aiming to realize Rs 10,000 crore. This amount is required to be deposited into the SEBI-Sahara refund account to return investors’ money as per a 2012 court order.
The Supreme Court instructed Sahara Group to disclose its leadership, shareholders, and unencumbered properties for a Rs 10,000 crore refund. The court emphasized the need for a practical solution to refund investors after over a decade. Noting Sahara’s failure to deposit the full amount, the court allowed property sales to meet the refund obligation.
