Supreme Court discarded Sahara’s appeal to have a review on the refund – case. Supreme Court finding no valuable reasons for a review, dismissed the appeal.

Supreme Court discards Sahara’s appeal

Sahara’s appeal, against the SC verdict which orders Sahara firms to refund nearly Rs.25,000 Cr to its investors, was turned down by the Supreme Court of India.

Two subsidiary firms of Sahara- Sahara Housing Investment Corporation Ltd (SHICL) as well as Sahara India Real Estate Corporation Ltd (SIRECL) were fined Rs.24000 Cr as they were found guilty of amassing investments. The SC had found that many of the investors’ details lacked clarity.

Being suspicious over their investors’ details the SC had asked the Sahara- firms to pay the fine. Later Sahara claimed that they had already repaid their investors. Continue reading →