The Supreme Court on Monday directed the Sahara Group to give original title deeds of its assets worth Rs.20,000 crore to SEBI as a guarantee towards the payment of investors money amounting to Rs.24,000 crore, which its two real estate companies have collected under optionally fully convertible debentures (OFCD).
Sahara has already paid Rs.5,000 crore to the Securities and Exchange Board of India (SEBI).
The apex court bench of K.S. Radhakrishnan and Justice J.S. Khehar said Sahara Group will submit its original title deeds to SEBI along with their valuation reports.
Court has given the Sahara Group three weeks’ time till November 11 to comply with its order.
The court said that in case of failure to submit original title deeds of their assets worth Rs.20,000 crore to the market regulator within three weeks, Sahara chief Subrata Roy and other directors, who have been named as contemnors, will not leave the country without prior permission of the court.