SC gives Sahara more time to refund money, asks company to deposit all documents by Dec 20

New Delhi: The Supreme Court (SC) on Wednesday gave the Sahara Group more time in the refund case and asked the company to refund Rs 24,000 crore to its investors by February, 2013. The apex court said the first demand draft of Rs 5,120 crore should be paid immediately while, the remaining amount should be paid in two equal installments.

The first installment of Rs 10,000 crore is to be paid by first week of January, 2013 and remaining by the first week of February, 2013. The court has also directed the company that the amount will have to be paid with 15 per cent interest as per the August 31 directive.

Sahara is also expected to submit all the documents by December 20. The apex court on Monday had rapped Sahara group for not refunding Rs 24,000 crore to nearly three crore investors, who had put their money into its two companies.

The apex court said the first demand draft of Rs 5,120 crore should be paid immediately while, the remaining amount should be paid in two equal installments.

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