Sahara India has been asked by the Supreme Court to refund over Re. 24, 000 Cr to its investors with 15% annual interest. In the Court's opinion, the Sahara scheme was in violation of the prevalent norms. The Lucknow-based Sahara had collected over Re. 24, 000 crore that it had collected through OFCD (optionally fully convertible debentures) with PSU banks.
The court has granted Sahara India Real Estate Corporation and Sahara Housing Investment Corporation three months to deposit the amount. Sahara has been asked to give a list of all the investors to SEBI in the next 10 days. The apex court allowed the regulatory body to attach properties and freeze bank accounts of the two companies if they did not comply with its orders. The apex court has also directed SEBI to conduct a probe against the two Sahara companies to find out their actual subscriber base.