This development will raise Rs 10,000 crore, which will have to be deposited in the SEBI-Sahara refund account so that money can be returned to investors.

If this joint venture is not filed in the court within 15 days, then 1.21 crore square feet of land in Versova will be sold. A bench of Justices Sanjiv Khanna, MM Sundresh and Bela M Trivedi made it clear that if the joint venture agreement is not presented on time, the court will be free to sell the land.

The court also directed that the amount of Rs 1,000 crore to be deposited by the third party will be kept in an escrow account and will be returned if the court does not approve the joint venture agreement. The next hearing of the case will be after a month.

The Supreme Court has allowed Sahara Group companies – Sahara India Real Estate Corporation Limited (SIRECL) and Sahara Housing Investment Corporation Limited (SHICL) to enter into a joint venture agreement for the development of properties including the Aamby Valley project in Mumbai. In 2012, the court had ordered the Sahara Group to deposit about Rs 25,000 crore.

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Investors who have invested in Sahara through this portal will get their money back. Through this refund portal, the amount will be returned to those investors whose investment maturity has been completed. All information related to refund of investment money will be available on the refund portal.

In fact, Cooperation Minister Amit Shah is inaugurating such a portal at Atal Akshay Urja Bhavan in Delhi today, which will ease the claim process on behalf of investors of Sahara Group. On this portal, the whole process will be told and explained to bring back the money to the investors of Sahara.

Modi government’s big announcement

Union Home Minister Amit Shah has been active for many months regarding this, he also held many meetings. The government had announced on March 29 that about 10 crore investors of Sahara Group would get their money back within 9 months. Seeing the problems of the investors, the Modi government had filed a petition in the Supreme Court, in which the appeal court had approved the release of Rs 5,000 immediately. This decision of the government will provide relief to 1.1 crore investors.

What is controversy?

This controversy of Sahara started in the year 2009 when Sahara launched its IPO and only after that the reality of Sahara started coming out. There were many irregularities in SEBI’s investigation and it came to light that Sahara had wrongly raised an amount of 24000 crores from investors and after further investigation it came out as a big scam. SEBI immediately ordered Sahara to return their money to the investors along with interest. However, later the matter went to the court and got complicated. Due to this dispute, a fund of 24 thousand crore rupees deposited in the account is stuck, due to which the investors are very upset.

The post Sahara Refund Portal Launched: Crores of rupees of investors trapped in Sahara will be returned today, how will you get the money? first appeared on Rightsofemployees.com.