Supreme Court Orders Sahara Group to Deposit Rs 1,000 Crore, Allows Joint Venture for Mumbai Land Development
The Supreme Court has directed Sahara Group to deposit Rs 1,000 crore in a separate escrow account within 15 days and allowed it to enter into a joint venture for developing its land at Versova in Mumbai.
Sahara GroupSupreme CourtSebiJoint VentureMumbai Land DevelopmentReal Estate MumbaiSep 05, 2024
The amount of Rs 10,000 crore has to be deposited in SEBI-Sahara refund account for returning the investors' money, in compliance with the apex court's 2012 order.
A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi said in case the joint venture/development agreement is not filed in the court within 15 days, then it will sell the 12.15 million square feet of land at Versova on 'as is where is' basis.
The bench added, \
Frequently Asked Questions
What is the amount that Sahara Group has been directed to deposit in the SEBI-Sahara refund account?
Rs 1,000 crore
What is the purpose of the joint venture agreement that Sahara Group has been allowed to enter into?
To develop its land at Versova in Mumbai and realise Rs 10,000 crore.
What is the consequence if Sahara Group fails to file the joint venture/development agreement in the court within 15 days?
The court will sell the 12.15 million square feet of land at Versova on 'as is where is' basis.
What is the principal liability on Sahara Group as per SEBI's record?
Rs 25,781 crore
What is the period within which Sahara Group has been directed to deposit Rs 1,000 crore?
15 days
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