SC to soon hear Sahara's plea on Aamby Valley property

The Supreme Court on 9 August informed the Sahara Group that it will hear its plea, requesting to not to auction the company's Aamby Valley property soon.

Sahara informed the top court that it was in the process of repayment of funds to its investors.

Earlier, the top court directed Sahara group chief Subrata Roy to deposit Rs. 1,500 crore in SEBI-Sahara account by 7 September.

A three judge bench of the apex court, headed by Justice Dipak Misra and comprising Justices Ranjan Gogoi and Arjan Kumar Sikri, was hearing the arguments between Sahara and the Securities and Exchange Board of India (SEBI).

The SEBI alleged that Sahara chief Subrata Roy allegedly failed to comply with the apex court's 2012 order directing him to return investors more than Rs. 20,000 crore with 15 percent interest that his two companies - the Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp. Ltd. - had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

The Sahara group vehemently denied the allegations of the SEBI and claimed to pay more than 80 percent of the dues to the bondholders, but the market regulator, SEBI, disputed that and said they have not paid more than Rs. 9,000 crore dues. 

-ANI