Sahara Case: Good News for Investors from Supreme Court, Hope to Get Stuck Money Soon

Nikhil Jain
By Nikhil Jain Business Add a Comment

Investors of the Sahara Group now have hope that they will soon get their stuck money. The Supreme Court made an important decision on Thursday, which is good news for Sahara investors. The court ordered the Sahara Group to deposit ₹1,000 crore within a month.

Supreme Court’s Order for Two Sahara Companies

The Supreme Court gave this order to two Sahara India companies: Sahara India Real Estate Corp and Sahara Housing Investment Corp. These companies have been asked to deposit ₹1,000 crore within the next 30 days. The money should be deposited into the SEBI-Sahara Fund. Once the money is in this fund, there is a better chance that investors will get their stuck money back.

Refund Portal Started More Than a Year Ago

Last year, in July, Union Home Minister Amit Shah launched the Sahara Refund Portal. This portal was set up to help millions of investors who had invested in different Sahara schemes get their money back. However, even after more than a year since its launch, many investors are still waiting for their refunds.

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Sahara Group Has Deposited Only ₹15,000 Crore So Far

The Supreme Court had earlier ordered the Sahara Group to deposit ₹25,000 crore into the SEBI-Sahara Fund. So far, Sahara has only deposited ₹15,000 crore. This means there is still ₹10,000 crore missing. The investors’ refunds are being given from this fund.

Proceeds from Property Sales to Go Into the SEBI-Sahara Fund

To cover the remaining amount, the Supreme Court has also suggested that Sahara enter a joint venture or a land development agreement for its Versova property. Additionally, the court said that if any other Sahara property is sold, the money from that sale must be deposited into the SEBI-Sahara Fund. The court will review the situation again after a month to check how well Sahara has followed its instructions.

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