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Thursday, 25 July 2013

Supreme Court slapped Contempt Notices on Two Sahara Firms

The Supreme Court of India on 24 July 2013 slapped contempt notices on two Sahara firms, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation, for not complying with its order of refunding around 19000 crore rupees to investors through SEBI.
A bench of the Supreme Court asked Sahara firms to reply by 30 July 2012. The bench also told the Sahara group that no further time would be given to the companies and they must not seek any adjournment in the case.
The bench passed the order on a contempt petition filed by SEBI. SEBI alleged that the firms failed to pay the amount within the time frame fixed by the Supreme Court on 5 December 2012.

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