SC asks Sahara to disclose source of money used in refunds

SC asked Subrat Roy Sahara the source of Rs. 25,000 crore usedin refunds to investors.

In yet another set back to Lucknow based Sahara group, the Supreme Court Friday asked the Subrat Roy led group to come clean by disclosing its sources from where it had raised Rs 25,000 crore and paid its investors in cash, observing that it is “difficult to digest” as such a huge amount “cannot fall from the heavens.”

SC asked Subrat Roy Sahara the source of Rs. 25,000 crore usedin refunds to investors.

SC asked Subrat Roy Sahara the source of Rs. 25,000 crore usedin refunds to investors.

Local media outlets reported Chief Justice of India, Justice TS Thakur as asking: “You (Sahara Group) tell us what is the source of this money? Did you get the money from other companies or other schemes to the tune of Rs 24,000 crore? Withdrew it from bank accounts? Or sold property to get it? It should be any of the three alternatives. Money did not fall from the heavens. You have to show from where you have got the money.

Hours after the Supreme Court asked it to disclose the source of its money, the Sahara Group today said the money collected through optionally fully- convertible debentures (OFCD) were invested in various assets and the group companies made the money available when the need arose for making repayments to the investors.

The group’s statement, which came after the apex court asked the company to disclose the source of money to the tune of Rs 25,000 crore that was arranged, said, “it is relevant to mention that Sahara operates from around 5000 branches across the country and all the payments were made through those branches only.

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