Sahara gets time till February to repay investors
The investors’ association objected to the order saying it was pronounced without hearing its arguments. Senior advocate Vikas Singh said the bench was “passing the order in the guise of protecting investors, but what is there for them if investors are not heard? It is not fair”.
The court had rapped Sahara on Monday stating its steps and intentions were “shaky” and had asked it whether it was in a position to repay money.
The order was passed on an appeal filed by the Sahara Group against a November 29 order of the Securities Appellate Tribunal (SAT), which had refused to entertain their plea and asked them to approach the Supreme Court which had directed them to refund the amount by November 30.
In response to the order, Sahara’s lawyer Satish Kishanchandani said in a statement: “As per the statutory auditor’s certificate, the outstanding liability of both companies towards the outstanding OFCDs is Rs 2,620 crore only as on November 30, 2012, when Sahara had offered to pay orders of Rs 2,620 crore and also a buffer amount of Rs 2,500 crore subject to certain verification … at company’s end....Today, Sahara was ready to offer bank guarantee of Rs 14,780 crore so that this amount plus Rs 2,620 crore would become Rs 17,400 crore… As Sahara has already redeemed OFCDs, Sebi is required to return the excess amount if any, to Sahara after payments to the outstanding OFCD holders. Till the
