The Securities and Exchange Board of India (SEBI) has accused Sahara for deliberately not selling off the hotels located abroad to comply with the order of SEBI to repay the investors of Sahara.
The Supreme Court of India has asked Sahara to repay the money to the investors and the regulator had filed a petition with the country’s apex court to reveal the details of the offer of the sale or mortgage of the hotels.
The SEBI says that the total amount Sahara owes to investors is about 470 billion rupees and the Group had defrauded the investors which is contravention of the provisions of the laws of the land.
The regulator said that the court has not yet been informed of any offers received and how Sahara dealt with them.
Sahara, which has interests in finance, real estate and media among its varied businesses and is a former main sponsor of the Indian cricket team, has argued that it has repaid most of the investors. The SEBI and the Supreme Court have both disputed Sahara’s claims.
