The Sahara Group will have to refund Rs. 17,400 crore to retail investors raised in 2008-09, the Supreme Court has ruled. The apex court had upheld the Securities Appellate Tribunal (SAT) order directing two Sahara companies to refund this amount. Former Supreme Court Judge BN Agarwal will monitor the refund to investors, the court said.
Sahara Group has agreed buy a controlling stake in the city’s iconic Plaza Hotel for USD 570 million from the Israeli-owned real estate company Elad Properties.
Sahara Infrastructure and Housing, of late being in the news for market regulator Securities and Exchange Board of India’s (SEBI) rap for mopping up Rs 17,400 crore through debentures and delayed project completion has now announced another 68 projects within FY 2012 – 13 across India. A statement issued by Sahara claims to introduce 10 lifestyle township projects, of which 9 will be self sufficient integrated townships under the brand name of ‘Sahara City Homes’ and 1 under the brand name of ‘Sahara Grace’.
Sahara Prime City, the real estate company of Sahara India, has launched Phase II of its Sahara Grace brand of residential complex at Kochi.