The Supreme Court Friday asked the Sahara Group to disclose the source of Rs 22,000 crore it claimed to have mobilised and returned in cash to more than three million small investors in a short span of two months.
“It could not have fallen from heaven. You must have either borrowed or sold some of your properties to raise this amount. If you show us the source, we will close the case against you,” a Bench headed by Chief Justice TS Thakur told the group’s senior counsel Kapil Sibal. Justices Anil Dave and AK Sikri were the other members of the Bench.
The Bench also asked stock market regulator SEBI to “thoroughly investigate with a pinch of salt” the group’s proposal to raise loans against its three hotels in London and New York whose value was estimated at over Rs 5,000 crore by Sahara.