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SC asks Sebi to review Sahara’s real estate deals
Hindustan Times
|January 09, 2025
THE MONEY COULD HELP THE SAHARA GROUP TO ADHERE TO A 2012 SUPREME COURT ORDER ON REFUNDS
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The Supreme Court on Wednesday directed the Securities Exchange Board of India (Sebi) to examine two proposals from real estate companies seeking to enter into joint venture agreements for developing land belonging to Sahara group.The money could help the Sahara group to adhere to a 2012 Supreme Court order on refunds; it is currently facing contempt proceedings after defaulting on the order that mandated the refund of around ₹25,000 crore to depositors.
Taking up the matter four months after the top court on September 5, 2024 gave time to the Sahara group to enter into joint ventures to discharge its liability, a bench headed by chief justice of India (CJI) Sanjiv Khanna was cautious in going ahead with Sahara's proposal seeking permission to ink the development agreement (DA) with Oberoi Realty for its Versova property of about 106 acres.
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