SC defers Saharaís hearing for today

Dec 05 2012, 00:50 IST
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SummaryThe Supreme Court on Tuesday deferred until Wednesday hearing over the Sahara Group's failure to refund Rs 27,000 crore collected from investors through optionally fully convertible debentures.

The Supreme Court on Tuesday deferred until Wednesday hearing over the Sahara Group's failure to refund Rs 27,000 crore collected from investors through optionally fully convertible debentures.

Sahara counsel Gopal Subramaniam sought more time from the bench headed by Chief Justice Altamas Kabir to make a statement on whether it can refund the entire money within seven days.

The bench on Monday had granted the group 24 hours time to decide whether it would comply with the apex court's directions to refund R27,000 crore to its around 3 crore investors.

Another bench of the SC had on August 31 asked the unlisted Sahara, whose interests range from real estate to insurance and sports, to repay till November 30 as much as R17,400 crore with interest at the rate of 15% per year to its investors.

The bench had on Monday pulled up the Sahara Group companies ó Sahara India Real Estate Corporation and Sahara Housing Investment Corporation ó saying their intentions are 'shaky' in the matter of returning the investors' money mopped up through debentures.

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