Sahara Falls Deep Into Troubles: Delhi Investor Moves SC

A Delhi-based investor; requesting SC to give directions to redeem his investments, approached the Supreme Court last day. The move of the investor leads Sahara into deep troubles.

Sahara falls from bad to worse situation as a Delhi-based investor approached the Supreme Court last day for gaining his investment dues. Though this is the first appearance of an investor against the Sahara group, the experts expect more investors to appear.

Two weeks back the market regulator SEBI attested all the movable and immovable properties of the two Sahara firms which failed to comply with the Supreme Court order.

Asking the Sahara firms to pay over Rs.24000 Cr to the investors, the SC had issued Order last year. The Apex court also has empowered the market regulator to seize the properties of the firms if the order was not followed properly or the amount was not deposited with the regulator.

Once the market regulator found that the order was not followed by these firms nor they had deposited the prescribed fine with them, SEBI decided to go ahead with their attachment plan. As per their plan they attached the properties of these firms on February 13.

Confronting the SEBI’s move Sahara claimed that they have already refunded the investors. As per the list with the SEBI, over three crore investors have invested with Sahara through OFCD.

With the appearance of the Delhi based investor claiming that he was not repaid, the claim of Sahara became weak. On the other hand it supports the attachment order of SEBI which froze the real estate projects of Sahara groups built under the title- Sahara City Homes.

The petitioner claimed that he had invested with one of the Sahara firms but was not repaid by them. The petitioner however asked the Supreme Court to give directions to these groups to refund the amount to him. Noticeably the appearance of the investor is watched with suspicion by the experts whatsoever.

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