Will Pay 20,000 Crore To Sebi Within One Year: Sahara's Fresh Proposal To SC

NEW DELHI: Sahara group offered to the Supreme Court to pay market regulator Sebi in a span of one year 20,000 crore of the money it has to return to the investors collected through Optionally Fully Convertible Debentures (OFCD). In a fresh proposal to the apex court bench of Justice K S Radhakrishnan and Justice J S Kehar, the Sahara group said they will deposit 2,500 crore within three working days of the acceptance of its proposal and three installments of 3,500 each would be deposited with Sebi on June 30, Sep 30 and Dec 31.

The balance of 7,000 crore would be deposited March 31, 2015. The Sahara group said its proposal to deposit 20,000 crore to the market regulator in five installments would be backed by an irrevocable bank guarantee. The court will consider the proposal later as it declined to entertain the same earlier, saying that it cannot appreciate a proposal being made across the bar. The court said the same should have been submitted to the registry earlier so that they could have gone through it. The court had on March 4 sent Sahara chief Subrata Roy and his two directors to Tihar jail for failing to deposit the said amount to the market regulator.

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