The sting in the judgment’s tail was that Sahara must also pay investors - mostly from smaller towns and rural areas where banking penetration is low - interest at 15 percent from the day money was paid in. Radhakrishnan, one of the two judges ruling on the case, said in his order that the ruling demonstrated the need to treat economic offences “with an iron hand”. NEW DELHI (Reuters) - Unlisted conglomerate Sahara, one of India’s biggest groups and a household name through its cricket sponsorship, must refund 174 billion rupees ($3.1 billion) raised by “dubious” means from 22 million small investors, India’s top court has ruled.įriday’s judgment underscored an increasing assertiveness by India’s judiciary and regulators as businesses and financial markets expand at a fast pace in Asia’s third-largest economy.
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