New Delhi, Oct 28:The Apex court has directed the Subrata Roy-led Sahara group to produce title deeds of properties worth Rs 20,000 crore to SEBI within the coming 3 weeks. It has further warned that if the deeds were not produced, Subrata Roy and other directors cannot leave the country without its permission.
If deeds not produced, directors would not be allowed to leave India:SC
After the Supreme court directed the Sahara group and SEBI to formulate a method to secure investors' money of around 19,000 crore, the Subrata Roy group pledged its immovable property as security. However, market regulators questioned the sale deed and the worth of the properties.
Last year, the Apex had directed the Sahara group to refund Rs 24,000 crore by the end of November. SEBI had filed contempt petitions against Subrata Roy, Sahara India Real Estate Corp Ltd (SIREC), Sahara India Housing Investment Corp Ltd (SHIC) and their directors.