- Subrata Roy's Sahara group makes fresh proposal to refund Rs 20,000 crDeposit Rs 10,000 crore to get bail cleared: Supreme Court to jailed Sahara group chief Subrata RoySubrata Roy's Sahara group tells Supreme Court it is 'impossible to deposit Rs 10,000 crore'Sahara group staff offer to collect Rs 5,000 cr for Subrata Roy's release
of the relevant business centre may also be provided. “The benefits may be offered in the form of redeemable vouchers either redeemable against cash or gold, jewellery or any other product as decided and approved by the managing committee of the society.”
If the member withdraws the contribution after three years, he will be compensated with an amount not exceeding Rs 43,000, on a contribution of Rs 1 lakh, in the form of cash or cash equivalents — this effectively works out to a compounded annual interest rate of 12.5%.
A Sahara lawyer, Keshav Mohan, has also written a letter stating that an embargo has been imposed on sale of assets owned by the group, while bank accounts of entire Sahara group have already been frozen by Sebi. "If case by case the court allows to sell assets, it will be a distress sale which would not fetch more than 20-25% of the real value of the asset. Moreover, money from the sale of bigger assets will only come in long-term instalments in view of Indian financial strength," he said in a statement.
Sahara India Real Estate had floated optionally fully convertible debentures as an open-ended scheme and collected Rs 19,400,86,64,200 from March 25, 2008, to March 13, 2011. The company had a total collection of Rs 17,656,53,22,500 as on August 31, 2011, after meeting the demand for premature redemption. The above -mentioned amounts were collected from 2,21,07,271 investors.