New Delhi: In the Sahara Group financial malpractice case, the central government has filed a new petition in the Supreme Court that steps should be taken to return the money to the affected people and for this, Rs. 5,000 crore should be set aside from the Rs. 24,000 crore paid by the Sahara Group to the SEBI account.
In 2010, two companies, Sahara Real Estate Corporation and Sahara Housing Investment Corporation, were found to have violated norms in fundraising. The Supreme Court heard the case and ordered in 2012 that both the companies should return the investment received from the people. Subsequently, the two companies paid Rs.24,000 crore into the SEBI account with interest. Out of this amount, only Rs.138 crore has been refunded. The remaining amount remains unused.
In this case, the central government has stated in the petition that Rs.5,000 crore should be allocated from this account to pay the amount due to those who have invested in Sahara companies.