Supreme Court on Wednesday directed SEBI that it should make payment to the investors where the genuineness of the documents submitted have been verified.
“In the hearing of the Sahara versus SEBI dispute today, the Hon’ble Supreme Court directed SEBI that it should make payment to the investors where the genuineness of the documents submitted have been verified,” said a Press release from Sahara Group quoting Sahara Counsel Keshav Mohan.
“Supreme Court also directed SEBI to comply with the direction no. 7 passed by the SC in its order dated 31.08.2012 whilst making payments to the investors and if any investor is found not to be genuine, the same must be put to Sahara for verification,” added Mohan.
During the hearing the Advocates for Sahara also pointed out that modalities for such a verification process needs to be worked out for implementation of the order.
As regards the pending attachment proceedings, the Court directed that the details of the documents of the assets of these two companies listed in the affidavits filed with SEBI should be filed by Sahara.
During the hearing court also remarked that the repayment made before August 31st, 2012 should be considered by SEBI. Now the matter has been listed for next hearing on July 17 at 2.00 pm.