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Supreme Court asks Sahara to submit `20k-cr title deeds to SEBI
Highlights
SC Asks Sahara to Submit `20k-cr Title Deeds to SEBI, Securities and Exchange Board of India. The Supreme Court on Monday directed the Sahara Group to give original title deeds of its assets worth Rs 20,000 crore to SEBI.
The Supreme Court on Monday directed the Sahara Group to give original title deeds of its assets worth Rs 20,000 crore to 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). Sahara has already paid Rs 5,000 crore to the Securities and Exchange Board of India (SEBI).
The apex court bench of K S Radhakrishnan and Justice J S Khehar said Sahara Group would submit its original title deeds to SEBI along with their valuation reports. The court has given the Sahara Group three weeks' time till November 11 to comply with its order.
Holding that it was playing "hide and seek" and cannot be trusted any more, the Supreme Court on Monday directed the Sahara group to hand over title deeds of its properties worth Rs 20,000 crore to SEBI warning that failure to comply would mean Subrata Roy cannot leave India.
Making it clear that there is no "escape" from depositing the investors' money with the market regulator, the apex court also asked the group to also give valuation reports of the properties to SEBI which will verify worth of assets.
A bench of justices K S Radhakrishnan and J S Khehar, which was about to restrain Roy from leaving the county till documents are handed over, however, said that he will not be allowed to go abroad without its permission if order is not complied in three weeks.
Roy's counsel had, earlier, pleaded that his reputation and business will be hit.
"You have driven everybody round. From day one restraint was ours," the bench replied when Roy's counsel C A Sundaram pleaded that his behaviour has never caused any suspicion.
"You indulge too much in hide and seek. We cannot trust you any more," the bench said adding "There is no escape for you and the money has to come."
The bench, however, assured the Sahara that its interests will be protected if investors money is paid.
"Rest assured that we will protect you if you give the money," it said and posted the case for hearing on November 20 when it would consider passing further orders on what to be done to the property, whose title deeds will be handed over to SEBI.
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