Sahara Group seeks extension for repayment of due from SC
Sahara Group companies presented a new application to Supreme Court seeking extension of time till February 20 to submit documents related to debentures to SEBI.
As Sahara group has a debt of over 22 million to repay to its investors and it looks like the only way the Sahara Group can repay its debt is by selling off its assets.
Before the application was presented, a bench headed by Chief Justice Altamas Kabir said that it will be heard with due time.
Supreme court already issued an order to Securities and Exchange Board of India (Sebi) to ask the Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC) to refund over Rs 24,000 crore collected from investors.
Early December 2012, Kabir, had directed the two Sahara group firms, SIRECÂ and SHICL, to repay Rs 5,120 crore and the balance in two installments immediately.
The first installment should be of Rs 10,000 crore and it should be payed within the first week of January and the second payment should be by the first week of February. Kabir directed the group to supply all the documents related to investors within 15 days and also a warning notice is being issued that failure to fulfill its directive on payment of the money to SEBI will lead to attachment of assets.
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