Sahara Group bows in a fresh trouble today the Supreme Court issued a contempt notice to two companies of Sahara for not implementing its order by not refunding to investors.
Pronouncing the order, source said, the court said that around Rs 24,000 crore with 15% interest has not paid to investors by two companies — Sahara India Real Estate Corporation and Sahara Housing Investment Corporation.
Now, SEBI is free to take appropriate action against these duos to freeze their banks accounts and seize properties, sources said.
Moreover, the regulator has begun its proceedings against the companies as per court orders.
It has been said that the case would now hear in SC after four weeks, a time period given to Sahara group to respond over court’s notice.
The court had in August 31, 2012 ordered to pay the amount to their investors within three months with interest and submit all original documents from investors to SEBI within 10 days. But Sahara group companies failed to make payment as per limited period described by the court.
