Sahara Offers to Pay Dues
Mumbai: After the Supreme Court directed market regulator SEBI to accept a pay order of 
5,120 crore from Sahara Group's two real estate companies, the group's counsel Wednesday said the company had offered to pay the outstanding amount.
"Sahara had offered to pay the amount payable to the outstanding OFCDs (optionally fully-convertible debentures) holders. Sahara had kept two pay orders ready. As per the certificate of the statutory auditor, the outstanding liability of both the companies towards the outstanding OFCDs is 2,620 crore only as on Nov 30," said Sahara group's counsel Satish Kishanchandani in a statement.
"On November 30, Sahara offered pay orders of 2,620 crore and also a buffer amount of 2,500 crore subject to certain verification of some pending/continuing at company's end," he added.
Kishanchandani, however, added that the Supreme Court directed that Sahara should pay 17,400 crore along with interest as stated in the order.
"Today, Sahara was ready to offer a bank guarantee of 14,780 crore so that this amount plus 2,620 crore would become 17,400 crore," he said.
"Pay orders for an aggregate amount of 5,120 crore would be paid to SEBI and the remaining amount will be paid in two instalments of 10,000 crore in the first week of January 2013 and the remaining amount in the first week of February 2013," he added.
Kishanchandani added that Sahara has already redeemed certain amount of OFCDs, SEBI is required to return the excess amount if any, to Sahara after payments to the outstanding OFCD holders.
The Supreme Court Wednesday asked SEBI to accept pay order of 5,120 crore from two Sahara Group companies as part payment of the investors' money they had collected through OFCD.
The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar Aug 31 directed the Sahara companies to deposit 17,400 crore with 15 percent interest with the Securities and Exchange Board of India (SEBI) within three months, which the company failed to do.
The court Aug 31 directed the Sahara companies to return to investors 17,400 crore with 15 percent interest that they had collected through OCFD in 2008 and 2009.
