SC asks Sahara 'source' of Rs. 18,000 crores refunded to investors
| Friday, September 2, 2016 - 18:34
New Delhi: The Supreme Court on Friday has asked Sahara India to specify the source of money- Rs 18,000 crores- which it claims to have refunded to investors.
The apex court doubted on the source of money and said it is difficult to digest that so much amount has been refunded in such a short span of time.
Defending it, Sahara India lawyers Kapil Sibal said that the company had received Rs. 310 crores as advance for deal of Grosvenor house hotel.
Supreme Court refuses to pass any order on the application to deposit additional money.
The top court told Sahara, "We will close the entire Pandora's Box if you show us the source of refund money."
Sahara has returned a total of Rs 18,000 crores to its investors.
Next hearing in this case is scheduled to be held on September 16 in which the company has to disclose the amount before the court.
Sahara India chief Subrata Roy was arrested in February 2014 in the money fraud case for failure to comply with 2012 order directing him to return investors' Rs 17,600 crores with 15 percent interest.
Roy has been directly charged in the case pertaining to non-refund of nearly Rs 20,000 crores to investors.