After ink attack, Subrata Roy's Sahara Group offers Rs 22,500 cr bank guarantees

Mar 05 2014, 12:42 IST
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SummarySubrata Roy's Sahara group offers to send 'hundreds of competent workers' to help Sebi.

verification of the documents".

Further, Sebi has been asked to immediately accept all remaining documents lying with Sahara group, which it claimed to include "original vouchers, original receipts and all other relevant documents".

The proposal said these documents were "absolute proof" of all payments to all investors in OFCDs (the bonds through which two Sahara firms raised over Rs 24,000 crore that were asked to be refunded), except for am amount of about Rs 2,000 crore.

According to the Sahara proposal, acceptance of these documents were very "critical" to ensure implementation of the Supreme Court court orders.

Further, the proposal states that the bank guarantees can be invoked by Sebi only if Sahara group fails to deposit the amount (found to be linked to fictitious accounts) within a period of 30 days, or if the group firms fail to repay the existing OFCD investors.

The proposal also seeks withdrawal of all restrictions and attachments imposed on the companies and individuals through various orders passed by Sebi and the Supreme Court.

In cases where Sebi has completed the verification, it has sought reduction of amounts attributable to such investors along with interest paid from the bank guarantee.

It also calls for Sebi to refund the excess amount to Saharas and return the original bank guarantees upon completion of the verification process for fictitious accounts and payments to the outstanding OFCD holders.

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