Return money to Sahara investors if verified: Supreme Court

NEW DELHI: The Supreme Court on Wednesday directed market regulator SEBI to return money to those Sahara investors whose claims had been verified. Sahara has so far paid SEBI Rs 5,000 crore to be returned to investors in two Sahara schemes as per the August 31, 2013, court order.

A top court bench, comprising Justices KS Radhakrishnan and JS Khehar, had held the two schemes illegal as they had been issued without SEBI’s nod and directed that a sum of Rs 24,000 crore along with interest be paid back to investors through SEBI.

In the hearing on Wednesday, the top court asked SEBI to seek clarifications from Sahara in cases where they were not satisfied with the genuineness of the claims. But all other proceedings in other judicial forums would continue to be stayed for now.

The bench listed the contempt petition filed by SEBI against Sahara for final hearing in July.