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SC defers Sahara refund case hearing

4 December 2012

Press Trust of India

NEW DELHI, 4 DEC: Sahara group was today given a day more by the Supreme Court to spell out when it would return Rs 27,000 crore invested by people in its two firms.

A Bench headed by Chief Justice Altamas Kabir granted one more day to Sahara which sought additional time to make a statement on the issue before the apex court.

Senior advocate Gopal Subramaniam, appearing for one of the Sahara group firms, made the plea following which the Bench deferred the hearing of the case till tomorrow.

Sahara Group had been yesterday directed by the SC to apprise it on the issue of refunding the money to investors. The court had pulled it up for not refunding the money despite its order and had asked Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to inform the court by today whether they would be able to refund the entire amount to their investors within a week.

Mr Justice Kabir had come down heavily on the firms for not implementing the apex court's order and said they are not entitled to a hearing, but finally agreed to hear Sahara's plea saying he is more concerned about investors' money.