SC to Sahara; furnish list of assets to safeguard investors

SC to Sahara; furnish list of assets to safeguard investors New Delhi: The Supreme Court Friday asked the Sahara Group to consider placing before it the details of "unencumbered" property to guarantee the protection of interest of around 2.3 crore investors who put in around Rs 17,400 crore in its two companies.

"You (Sahara Group) give us clear unencumbered property," a bench headed by Chief Justice S H Kapadia said while asking Sahara Group counsel to apprise the court on it within three weeks after taking instruction from the companies.

Sahara Group said it has given details of all properties, including the immovable properties, in the affidavit filed by it on January 4 and assured the bench that the interests of the investors are protected.
 
The apex court was hearing Sahara group's plea challenging the Securities Appellate Tribunal (SAT) order directing its two companies to refund around Rs 17,400 crore to their investors.
 
The Tribunal's decision was stayed by the apex court which had on January 9 also admitted the appeal filed by the Sahara.

"We want the amount of the investors to be secured. You can also give a bank guarantee or list of the assets of the company," the bench, also comprising justices A K Ganguly and Swatanter Kumar, said.

The remarks were made by the bench when advocate Fali S Nariman and advocate Keshab Mohan, appearing for the Sahara Group, said the company has sufficient assets to ensure the protection of interests of the investors.

"Do you have immovable property enough to meet the liability vis-a-vis creditors," the bench wanted to know from Nariman who said there were three time more assets than the liability.
     
PTI