SC asks Sahara India to deposit Rs 3.5 Crore

SC asks Sahara India to deposit Rs 3.5 Crore
06/09/2016 , by , in News/Views

On Monday, the Supreme Court has directed Sahara India Commercial Corporation Limited (SICCL) to deposit Rs 3.5 crore to pay back investors who had bought flats in its Gurgaon project but did not receive possession on time.

“It is directed that the appellant (SICCL) shall deposit Rs 3.5 crore before registry of this court,” a bench of Justices Dipak Misra and U U Lalit said while directing the firm to deposit the amount.

Vikas Singh, Senior advocate, appearing for SICCL, said the construction of its Gurgaon project “Sahara Grace” was completed on time and the delay in award of possession of flats was only “procedural”.

He further said the possession of the flats has already been handed to the owners where they have been residing.

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