Supreme Court To Hear Plea Seeking Payment Of Wage Arrears Of Sahara Employees

A plea has been filed in the Supreme Court seeking directions to the Sahara Group for the payment of pending wages of over 16 crores. The counsel mentioned before the bench of CJI BR Gavai and Justices K Vinod Chandran and Atul S Chandurkar that an application has been filed in the SEBI v. Sahara Case seeking directions in relation to the pending payment of wages to Sahara employees. The Counsel submitted, " We have filed an application relating to the payment of wages of employees in Sahara. 16 crores of wages have to be paid. This application is pending in the contempt petition mylords, Kindly get it listed on Friday." The bench of former CJI Sanjiv Khanna, Justices MM Sundresh and Bela Trivedi, was previously hearing a batch of contempt petitions against the Sahara Group of Companies which violated the Court's 2012 order.In 2012, the Supreme Court ordered two Sahara companies to refund Rs. 25,000 crores (approx.), along with 15% interest, to over two crore small investors who invested in their debentures between 2008-2011. The deposit was directed to be made with SEBI. When the directed amount remained outstanding, pleas were filed against Sahara, alleging contempt.Notably, the Court on September 5, 2024, directed Sahara Group to deposit Rs 1000 crores in a separate escrow account within 15 days and also allowed the cash-strapped company to enter into a joint venture for developing its properties at Versova, Mumbai, in order to raise the sum of Rs 10,000 crores due to be paid to its lenders.The bench also ordered that development projects would be executed only upon the approval of the Joint Venture agreements by the Court. In case the agreement was not filed within 15 days, the Versova property would be ordered to be sold on 'as is where is' basis.This was after its earlier direction on September 3, 2024, where the Court called on the conglomerate to place before it a scheme as to how it plans to deposit the outstanding sum in the Sahara-SEBI Refund Account. The Court also asked the company to give a list of its unencumbered properties.Case Details: SECURITIES AND EXCHANGE BOARD OF INDIA Versus SUBRATA ROY SAHARA AND ORS. AND ORS. CONMT.PET.(C) No. 001820 - 001822 / 2017 and Connected matters.

Supreme Court To Hear Plea Seeking Payment Of Wage Arrears Of Sahara Employees

Anmol Kaur Bawa

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