SC rejects Sahara plea on refund of Rs 24000 crore

The Supreme Court today dismissed Sahara group's plea for review of its verdict directing its two firms to refund around Rs 24,000 crore to their investors with 15 percent interest per annum.

A bench of justices K S Radhakrishnan and J S Khehar, which had passed a slew of orders against the group on August 31 last year, rejected Sahara's plea.

"All the records placed before us were meticulously examined and dealt with. Review petitions are, therefore, not entertained and, accordingly, stand dismissed," the bench said in its order.

The bench said that all the contentions raised by the companies were considered by it while passing its August 2012 verdict and there is no need to review the same.

"We have carefully gone through the grounds raised in the review petitions filed by the appellants," the court said.

"We also do not find any inconsistency in the views expressed by both of us. On the other hand, all the contentions, legally and factually, raised by the appellants were examined, addressed and answered on all possible angles and dimensions," the bench said.

The verdict on the review plea assumes significant as the firms have again filed a fresh application for extension of time for paying back to their investors.

Although the August 31 verdict was passed by a bench of justices Radhakrishnan and Khehar but another bench headed by Chief Justice Altamas Kabir on December 5 had modified the judgement granting the group nine more weeks to pay back Rs 24,000 crore with interest to over three crore investors.

On December 5, a bench headed by Chief Justice Altamas Kabir, had directed the two Sahara group firms, Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL), to make immediate payment of Rs 5,120 crore and the balance in two instalments.

The first instalment of Rs 10,000 crore was to be made by the first week of January and the remaining by the first week of February.

The bench headed by Chief Justice Altamas Kabir also directed the group to supply the documents relating to investors within 15 days and warned that failure to fulfil its directive on payment of the money to SEBI will lead to attachment of assets.

Meanwhile, the review petition filed by the Sahara Group against the August 31 verdict was listed for chamber hearing today, but there was no confirmation about its order.