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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