Supreme Court has sought a response from the beleaguered Sahara Group as to why a Receiver be not appointed to dispose of their properties to arrange 36,000 crore rupees for paying its investors. A Bench headed by Justice TS Thakur issued a notice to the Sahara on the application moved by the market regulator SEBI for appointment of Receiver as two firms of jailed Sahara chief Subrata Roy were not in a position to comply with apex court's August 31, 2012 order to refund the money to investors. The bench, also comprising Justices AR Dave and AK Sikri sought Sahara's response within four weeks and posted the matter after six weeks while declining the plea of its counsel that the court should wait for sometime for the outcome on the offer made by a new foreign company, Helvetia Group. The European corporate has offered to lend 5,000 crore rupees to bail out Roy.
News On AIR | September 29, 2015 7:48 AM
SC seeks response from Sahara Group on SEBI's application for appointment of Receiver