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SC directs Sahara to provide details of source of payment to investors

Jan 09, 2014 04:28 PM IST Business Business

New Delhi: More trouble brewing is for the Sahara group as Supreme Court has directed the business group to reveal the source of Rs 20,000 crore which the company returned to its investors.

The apex court rapped the Sahara group asking it to provide the details of all the funds it claims to paid to its investors. The details have to be provided to the court as well as Securities and Exchange Board of India (SEBI).

The court warned Sahara to comply with its orders and also said that the court has showed maximum indulgence to the business group but it not received any co-operation in return from it.

If Sahara ignores the orders this time around, then the court will order the Registrar of Companies to find the source of funds and direct CBI to investigate where the money came from and where it went.

In a huge blow to Sahara, Supreme Court has also asked it to publish apologies in leading newspapers as the company had earlier put out long articles suggesting injustice was being done to it in the court.