- Subrata Roy appears in Supreme Court, Sahara Group stocks post surprise gainsAfter ink attack, Subrata Roy's Sahara Group offers Rs 22,500 cr bank guaranteesBusiness highlights of the day: Subrata Roy, Maruti Suzuki, LIC, moreSubrata Roy's custody extended, Supreme Court says, 'pay through cheque, not cash'
After an eventful day, Subrata Roy was sent to Tihar jail by Supreme Court today. Sahara group chief has been asked to submit a proposal for the refund of money to investors.
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Sahara group issues this statement in court:
It is humbly submitted that the Hon’ble Supreme Court may graciously be pleased to consider Saharas proposal sympathetically and accept the same in the best interest of Saharas Crores of existing investors and to protect the livelihood of 12 lakhs workers/employees.
PROPOSAL OF SAHARAS
However, for the last 15 months or so, SEBI has been demanding more money though refunded only an amount of around Rs. 1 crore out of said amount of Rs.5120 crores which was given by Saharas. Hence, SEBI has balance amount of approximately Rs. 5619 cr. (including interest earned amount etc.)
1. Saharas propose to furnish bank guarantee/s for a total sum of Rs. 22,500 crores.
2. Immediately upon acceptance of the proposal of bank guarantee parallely, SEBI shall be entitled to proceed the Sale of properties of the titles already handed over to SEBI by Sahara.
3. Immediately as Saharas handed over the Bank Guarantee of Rs. 22500 crores to SEBI, the sale of the said Properties shall be stopped. The amount of monies collected by SEBI from the sale of the Properties till such date shall be refunded by SEBI to Saharas.
4. SEBI has in its orders of attachment dated 13rd February, 2013 contended that the documents submitted by Saharas to SEBI have been hopelessly mixed up. This is not correct and the same has been challenged by Saharas in the appeals filed before Securities Appellate Tribunal. However, Saharas offer to depute hundreds of competent workers to assist SEBI in collating the documents/ information and verification of the documents. So jointly, harmoniously we should work, this is necessary to honour the verdict of the Hon’ble Supreme Court to find out absolutely clearly the possibilities of fictitious accounts amongst around 3 crores of investors.
5. Further, SEBI should be immediately directed to receive all the remaining documents which are lying with Saharas, which interalia comprises of original vouchers, original receipts and all other relevant documents. THOSE ARE THE ABSOLUTE PROOF OF ALL PAYMENTS TO ALL OFCDs EXCEPTING AROUND RS.2000 CRORES LEFT. Acceptance of these basic documents is critical and in absence of the said documents the Hon’ble