PHOTO: Reuters
October 28, 2013
The Supreme Court has directed the Sahara Group to give original
title deeds of its assets worth Rs 20,000 crore to the Securities and
Exchange Board of India (Sebi) as a guarantee
towards the payment of investors' money amounting to Rs 24,000 crore,
which its two real estate companies have collected under optionally
fully convertible debentures (OFCD).
An apex court bench of K.S.
Radhakrishnan and Justice J.S. Khehar on Monday said the Sahara Group
will submit its original title deeds to Sebi along with their valuation
reports.
The court has given the Group three weeks' time, till November 11, to comply with its order.
Sahara has already paid Rs 5,000 crore to the market regulator.
The court said in case of failure to submit original title deeds of their assets, Sahara chief Subrata Roy and other directors, who have been named as contemnors, will not leave the country without prior permission of the court.
