Sahara Group seeks time till March 2015 to repay Rs20,000-cr investor money
25 March 2014
Sahara group today submitted a fresh proposal before the Supreme Court, seeking time till 15 March 2015 for returning over Rs20,000 crore of investors' money in installments.
According to the latest proposal, Sahara would pay Rs20,000 crore by 15 March 2015 in installments, starting with Rs2,500 crore in three working days, three tranches of Rs3,500 crore each by the end of June, September, December 2014 and Rs7,000 crore by 15 March 2015.
This adds up to Rs20,000, Rs3,000 crore more than Sahara had proposed to pay earlier.
The court, however, asked Sahara to file it on the court's registry. "It can't be given to court across the table," the apex court noted.
Sahara lawyers also sought release of the group's chief Subrata Roy and two other directors on bail, which, they said, was under an "illegal" order that could be challenged on the grounds of violation of fundamental rights.
The apex court will resume hearing arguments in the case tomorrow at 2 pm.
Sahara chief Subrata Roy along with two other directors have been in jail since 4 March 2014 after he failed to convince judges that he is serious about repaying nearly Rs20,000 crore for two Sahara bond schemes that were declared illegal in 2012.
Sahara's lawyers had earlier also offered to submit Rs2,500 crore with the Securities and Exchange Board of India (SEBI) with the balance to be paid in installments every three months.
SEBI had brought contempt proceedings against Roy and the Sahara group for failure to comply with the 2012 Supreme Court order to repay Rs20,000 crore and interest to those invested in optionally fully secured debentures floated by two realty forms of the group (See: SEBI files contempt petition against Sahara Group).
Sahara has since said it repaid most investors and its remaining liability is less than the Rs5,000 crore it has deposited with SEBI.