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Sahara Parivar ordered to refund $4.4bn by Indian Supreme Court

Sahara Parivar, that won a contract from Bangladesh to carry out a mega land project in Dhaka, faced fines by Indian Supreme Court last week. The Supreme Court ruled that Saharas committed a number of economic offences over the past years. The court directed Sahara India Real Estate Corporation Ltd. and Sahara Housing Investment Corporation to give back about $4.4bn to 2.21 crore depositors through an optimally fully convertible debentures. Why would Bangladeshi people trust this group when they have committed offences with their own people - Indians.  The court also ordered Saharas to provide details with supporting documents whether it already refunded any of the cash to the people. The bench said in a statement that “We make it clear that if the documents produced by Saharas are not found genuine or acceptable … the SEBI (WTM) will proceed as if Saharas had not refunded any amount to the real and genuine subscribers who had invested money through the RHPs”. Justice Kh...