The Supreme Court has directed the Sahara Group to deposit Rs 1,000 crore in a separate escrow account (third party account) within 15 days. Also, to raise the remaining Rs 10,000 crore of investors, it has allowed a joint venture (JV) or development agreement for the development of its land in Versova, Mumbai. However, for this the company will have to first take the court’s approval. Under the 2012 order of the apex court, this amount has to be deposited in the SEBI-Sahara refund account. The next hearing in the case will be after a month. A bench of Justice Sanjeev Khanna, Justice MM Sundaresh and Justice Bela M Trivedi said on Thursday, the group is in deep trouble by not following the decision of the apex court.
Sahara group should deposit Rs 1000 crore in 15 days: Court
