Sahara to refund Rs 17,400 crore to investors: SC

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Sahara to refund Rs 17,400 crore to investors: SC
The Sahara group has to refund Rs 17,400 crore raised from small investors between 2008 and 2011, the Supreme Court (SC) has ruled, as per Reuters report.

The SC has also ordered the company to pay 15% interest to investors on their deposits, a lawyer on the case said to Reuters.

As per the reports, two unlisted group companies of Sahara, these two firms have interests ranging from financial services and housing to media and sports. The fund raised a total of Rs 17700 crore ($3.18 billion) from 22 million small investors through an instrument known as an optionally fully convertible debenture.

Earlier, market regulator, Securties and Exchange Board of India, had ordered the companies part of the Sahara group, to refund the money to the optionally fully convertible debentures (OFCDs) subscribers in cash and also pay an annual interest of 15% covering the period they have held the amount.

Sahara is a major entity on the corporate scene having diversified business interests that include Finance, Infrastructure & Housing, Media & Entertainment, Consumer Merchandise Retail Venture, Manufacturing and Information Technology.

Read more about: sahara, sebi
Story first published: Friday, August 31, 2012, 12:36 [IST]
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