New Delhi, Sept 2: Supreme Court of India has demanded Sahara to specify the source of money which it has returned to its investors as part of refund. The top court apparently raised doubts over the source of money, noting that it is impossible to refund such a large amount of money in such a short time. Sahara has returned a total of Rs 18,000 crores to its investors. The top court further hinted that the a clean source of money could lead to an end to the high-profile case involving Sahara chief Subrata Roy.
“We will close the entire Pandora’s Box if you show us the source of refund money,” the bench remarked. The court further noted that it is difficult to digest that so much money has been refunded in such a short span. The next hearing related to the matter is scheduled on September 16. Sahara has been instructed to disclose the source of money before the bench at the next hearing. (ALSO READ: Sahara to Sebi: Expedite investor verification, ads won’t help)
Subrata Roy was arrested in February 2014 in the money fraud case. It was prima facie found that Sahara had submitted land documents worth Rs 40,000 crores before the SEBI, which was later found to be dubious. Subrata Roy has been directly charged in the case pertaining to non-refund of nearly Rs 20,000 crores to investors.
In the past few weeks, Sahara has pitched up efforts to settle the claims of its aggrieved investors. After Sebi began identifying the genuine investors who lost their money. the company initiated operations to clear the massive debt. While the first 55 crores of the debt was cleared in a gradual manner, Sahara escalated the pace of refund in past couple of weeks. The company raised large amount of funds in an extremely short span of time to settle most of the claims.
Supreme Court not only demanded Sahara to specify the source of money in the next hearing, but has also instructed SEBI to probe the fundraising by Sahara on its properties abroad.
View more:-Bulk SMS Marketing