SC refuses to grant more time to Sahara to refund Rs 24,000 cr

Justice Kabir then got angry and said he is making statements without knowing anything about the case and asked him to sit.

"How do you know what is going to happen in the case. If something happens then you say. Kindly take your seat," he said.

A bench headed by K S Radhakrishnan had on August 31 last year directed the two companies to refund around Rs 24,000 crore to their investors within three months with 15 per cent interest per annum for raising the amount from its investors in violation of rules and regulations.

But the case was later on heard by a bench headed by Chief Justice Kabir which had on December 5 granted nine weeks time to the group to refund money to its three crore investors in its two companies, with an immediate upfront payment of Rs 5,120 crore.

At that time also SEBI and an association of investors urged the CJI to refer the case to Justice Radhakrishnan bench but Justice Kabir turned down their plea and passed the order keeping in mind "interest of investors".

SIREC had collected Rs 19,400.87 crore on March 13, 2008 and SHICL had collected Rs 6,380.50 crore. But the total balance on August 31 is Rs 24,029.73 crore after premature redemption.

The group might have to fork out around Rs 38,000 crore as of now which includes the principal amount of Rs 24,029.73 crore and interest of around Rs 14,000 crore.

The Sahara group, on the other hand, justified its stand on not refunding the amount and said that large portion of the amount has already been redeemed to investors before the judgment was delivered.

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