The Supreme Court has directed Sahara Group to deposit Rs 1,000 crore in a third party account within 15 days. Also, it has approved a joint venture or development agreement for land development in Mumbai's Versova to raise the remaining Rs 10,000 crore from investors. However, for this, the company has to take court approval first. As per the Supreme Court's 2012 order, this amount is to be deposited in the SEBI-Sahara refund account. The next hearing in this regard will be held after a month. The bench said on Thursday that the group is in dire straits by not complying with the apex court's decision. Versova land to be sold if no agreement in 15 days The bench said that if the joint venture/development agreement is not filed in court within 15 days, it will sell the 1.21 crore square feet of land in Versova on an 'as is where is' basis. Sahara Group was directed by the court to deposit Rs 25,000 crore on August 31, 2012. The company has so far deposited only Rs 15,000 crore.
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Hearing: Sahara Group will have to deposit thousand crores in 15 days: Supreme
