In a major setback to the Sahara group, the Supreme Court of India has ordered the business conglomerate to refund more than $3 billion to small investors.

The apex court of the country reaffirmed on order of the capital market regulator, the Securities Exchange Board of India (SEBI). SEBI had earlier ruled that the company’s process violated regulations and thus it should refund the amount, which it had raised from small investors.

A lawyer linked to the case said that the court also ordered the group to pay an interest of 15 per cent to the investors on their investments. A bench of justices K. S. Radhakrishnan and J. S. Khehar has asked SEBI to take action against two group companies, Sahara India Real Estate Corporation and Sahara Housing Investment Corporation if they do not comply with the ruling to refund the amount.

The court has also allowed the regulator to attach properties and freeze bank accounts of the two companies if they do not refund the amount to the investors. The two firms have interests ranging from financial services and housing to media and sports.