Sahara gets time till February to repay investors

Dec 06 2012, 04:00 IST
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SummaryThe Sahara Group on Wednesday received a temporary reprieve from the Supreme Court, winning time till February to refund the entire Rs 24,000 crore with 15% interest to its 30 million investors.

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 time the said amounts are repaid to Sahara as aforesaid to that extent there would be double payment”.

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