Sebi accuses Sahara of not complying with Supreme Court order

The Securities and Exchange Board of India Sebi ) on Wednesday moved the Supreme Court accusing the Sahara Group of not complying with the court's order to let the market regulator inspect the papers of two group companies that were told to return more than Rs 24,0000000000 to millions of investors.In an order on August 31, the Supreme Court had asked two Sahara companies - India Real Estate Corporation Limited and Sahara Housing Investment Corporation Limited - to return about Rs 24,0290000000 that they collected from small investors between 2008 and 2011 without Sebi's nod. They were to return the money along with 15% interest within three months through the market watchdog.The companies were directed to furnish all documents in their custody to Sebi within 10 days to help it check the details of investors and their deposits.The application pointing out non-compliance may be mentioned in court out of turn on Friday for urgent directions, a person involved in the case said.The person said Sahara has so far handed over "nothing" to Sebi, adding that the watchdog would also submit a status report on the developments in the case to the top court.In its August order, the court had said former Supreme Court judge BN Agarwal would supervise the process of identifying real investors and returning the money. Any unclaimed amount would go to the government.Sahara could face contempt of court if the charge of violating court directions is proved.