By its October 28 orders, the court directed them to deposit unencumbered title deeds of their assets of Rs.20,000 crore as a guarantee to return investors' money, which they had collected thorough OFCD (Optionally Fully Convertible Debentures).
The development comes in the wake of market regulator SEBI on Wednesday telling the Supreme Court that Sahara had overvalued its properties and did not hand over all original title deeds of assets worth Rs.20,000 crore as per its direction.
"We are prima facie satisfied that our order dated October 28, 2013, has not been complied with in letter and spirit. We direct all the contemners not to move out of the country."
The court also directed the Sahara Group not to sell or alienate any of its property till its October 28 orders are complied with.
The Supreme Court on Thursday restrained Sahara Group chief Subrata Roy Sahara and two directors from leaving the country as they have failed to comply with its October 28 orders.
A case can be resolved or not depends on the processes executed, with a slow & malicious approach followed by law in our country, even my next generation would read another article on Sahara after 20 years down the line. This has now turned into a kid's game with EPFO also participating in.
ReplyDeleteGroup chief Subrata Roy seeking modification of an earlier order asking him to pay Rs 5,000 crore (Rs 50 billion) in cash besides a bank guarantee of an equivalent amount for securing his release. All would be waiting to see if Mr Roy will be getting a favorable nod from the court this time.
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