Supreme Court Evaluates Sahara Land Proposals Amid Investor Refund Push

The Supreme Court is assessing proposals from two firms to develop Sahara Group's land in Mumbai, aimed at refunding investors. The firms must deposit Rs 1,000 crore with the court. SEBI is conducting an investigation on these proposals. The court emphasizes compliance with its prior orders related to investor refunds.

The Supreme Court has asked the market regulator SEBI and an amicus curiae to review proposals from two firms interested in developing Sahara Group's Mumbai land to repay investors' funds.

A special bench led by Chief Justice Sanjiv Khanna demanded that interested companies deposit Rs 1,000 crore with the court registry within 15 days.

SEBI is set to investigate the proposals, following issues with compliance of previous court orders involving substantial sums appropriated from investors.

(With inputs from agencies.)