The Supreme Court on Thursday ordered the Sahara Group to deposit Rs 1,000 crore in an escrow account within 15 days. It also allowed the Sahara Group to set up a joint venture to develop its land in Versova, Mumbai.
This development will raise Rs 10,000 crore, which will have to be deposited in the SEBI-Sahara refund account so that money can be returned to investors.
If this joint venture is not filed in the court within 15 days, then 1.21 crore square feet of land in Versova will be sold. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi made it clear that if the joint venture agreement is not presented on time, the court will be free to sell the land.
The court also directed that the amount of Rs 1,000 crore to be deposited by the third party will be kept in an escrow account and will be returned if the court does not approve the joint venture agreement. The next hearing of the case will be after a month.
The Supreme Court has allowed Sahara Group companies – Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to enter into a joint venture agreement for the development of properties including the Aamby Valley project in Mumbai. In 2012, the court had ordered the Sahara Group to deposit about Rs 25,000 crore.
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