Delhi Investor Seeks Supreme Court Intervention in Sahara Refund Case
A Delhi-based investor has approached the Supreme Court seeking directions for the Sahara Group to return his investments. This action marks the first time an individual investor has directly petitioned the court amidst the ongoing legal battle between the Sahara Group and the Securities and Exchange Board of India (SEBI) concerning the repayment of dues to approximately three crore investors.
Investor Claims to Be on Official Sahara List
The petitioner asserts that their name appears on the official list of OFCD investors submitted to the Supreme Court by Sahara. The individual claims to have invested in one of the Sahara Group companies and has requested the Apex court to compel Sahara India Real Estate Corp (SIRECL) and Sahara Housing Investment Corp (SHICL) to fulfill their payment obligations. While the Sahara list contains around three crore investors, as presented to the SC and SEBI, this marks the first instance of an individual investor initiating legal proceedings against the firms. Previously, upon discovering questionable information within the investor list, the Supreme Court had mandated that Sahara's subsidiaries reimburse over Rs. 24,000 crore to investors as a penalty.
Previous Repayment Claims by Sahara Group
Last year, the Sahara Group had declared that the majority of their investors had received their repayments. Furthermore, they claimed to have deposited Rs. 5,120 crore with the market regulator as the outstanding amount owed to the investors.
Potential for Further Investor Action
Many experts believe that if the Supreme Court rules in favor of the current petitioner, it could trigger a wave of similar petitions from other investors seeking their dues. They reason that this is a distinct possibility as SEBI possesses all the relevant investor details.
Implications for SEBI-Sahara Dispute
This individual petition adds a new dimension to the protracted legal struggle between the market regulator and the Sahara Group. The appearance of this investor seemingly substantiates SEBI’s claims and strengthens their position in the dispute.
First Hearing Scheduled
The Supreme Court is scheduled to hold the first hearing for this petition today. Representatives from both SEBI and the Sahara Group firms have thus far declined to make any public statements regarding the matter. Further developments in this case are keenly anticipated by legal observers and market analysts alike. It is also likely to influence the future legal strategies of both the petitioner and the larger investor community.