Sahara to refund Rs24,000 cr to investors in 3 months

The group assures the Supreme Court that it will refund the amount it had raised through a sale of securities
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First Published: Fri, Sep 28 2012. 03 31 PM IST
A February photo of Sahara Group chairman Subrata Roy at a press conference in Mumbai. The apex court on 31 August had said that if the companies—Sahara India Real Estate Corporation and Sahara Housing Investment Corporation—fail to refund the amount, Sebi can attach properties and freeze bank accounts of the firms.  Photo: HT
A February photo of Sahara Group chairman Subrata Roy at a press conference in Mumbai. The apex court on 31 August had said that if the companies—Sahara India Real Estate Corporation and Sahara Housing Investment Corporation—fail to refund the amount, Sebi can attach properties and freeze bank accounts of the firms. Photo: HT
Updated: Fri, Sep 28 2012. 05 01 PM IST
New Delhi: Sahara Group on Friday assured the Supreme Court that two group companies that raised Rs.24,000 crore through a sale of securities called optionally fully convertible debentures will refund the amount to investors within three months.
“We will refund the amount. There is no question of going back,” senior advocate Gopal Subramaniam, appearing for the company, told a bench headed by justice K.S. Radhakrishnan.
He also pleaded with the bench to grant the firms some time to sort out the “disagreement” with the Securities Exchange Board of India (Sebi), which has alleged that the company is not providing it with all the documents pertaining to the investors. The Supreme Court on 10 September ordered Sahara Group to provide Sebi all the documents.
The bench, after hearing the arguments, posted the matter for further hearing on 19 October.
The apex court on 31 August had said that if the companies—Sahara India Real Estate Corporation and Sahara Housing Investment Corporation—failed to refund the amount, Sebi can attach properties and freeze bank accounts of the firms.
It had asked the companies to refund the money to their investors within three months together with 15% annual interest. It also asked Sahara to furnish all its documents to the regulator.
The court appointed one of its retired judges, justice B.N. Aggarwal, to oversee the action taken by Sebi against the two Sahara firms.
(Sahara has filed a defamation case in a Patna court against Mint’s editor and some reporters over the newspaper’s coverage of the company’s disputes with Sebi. Mint is contesting the case.)
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First Published: Fri, Sep 28 2012. 03 31 PM IST
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