Sahara proposes to pay dues in 5 instalments
Posted on Mar 25 2014 | IBNS
New Delhi, Mar 25 : The Sahara Group on Tuesday made a fresh proposal to the Supreme Court in connection with the investors' funds case, where it said it will repay the entire amount it owes to its investors in five instalments by March 31, 2015.
The company also said it will pay a sum of Rs 2500 crore within three working days after the proposal is accepted by the court.
The group further pleaded to the court that it should permit the companies to allow operation of their bank accounts.
However, the apex court said it will consider the request after the group files the document in the registry.
The court had earlier rejected Sahara Group chief Subrata Roy's petition to be released from custody.
The SC bench directed the Sahara Group to come up with a fresh refund proposal, unless which, the apex curt said it cannot consider Roy's interim bail plea.
The Supreme Court on Mar 7 rejected Sahara Group's proposal to pay its investors in installments in a time-bound manner.
The Sahara told the apex court that it is ready to pay Rs 2500 cr in three working days and the rest of the amount in an-year-and-a-half.
The apex court had asked Securities and Exchange Board of India (SEBI) to give its opinion on the matter.
The SEBI reportedly opposed to the proposal.
The Supreme Court on Mar 4 sent Subrata Roy and two other company directors to judicial custody till Mar 11.
Earlier, the court had directed Sahara to hand over the title deeds of its properties worth Rs 20,000 crore to the Securities and Exchange Board of India (SEBI).
Accusing Sahara Group of playing 'hide and seek', the Supreme Court on Oct 29 asked the group to hand over the title deeds of its properties worth Rs 20,000 crore to the SEBI.
Hearing contempt petitions filed by the SEBI for not complying with the Aug 31, 2012 directions on refund of deposits, the court had ruled that Sahara chief Subrata Roy cannot leave the country without the permission of the court.