Sahara submits new proposal in SC for refunding Rs 20,000 cr
The Sahara group made fresh proposal before the SC for refunding Rs20, 000 crore to investors to make sure the release of its chief Subrata Roy who has been in jail with company’s 2 directors since 4 March.
In the proposal, the Sahara group gives the surety to deposit Rs2,500 crore within three working days and submit three installments of Rs3,500 cr each at the end of June, September, December and the remaining amount to be deposited by 31 March,2015.
A bench of justices K S Radhakrishnan and J S Khehar has refused to accept the proposal and asked the Sahara group to submit the documents in the registry after which they will think about the proposal.
As per the proposal the group is willing to give bank guarantee at any time for any unpaid money and asked the permission to operate the bank accounts which have been frozen.
The Sahara group had earlier made proposal by offering cash payment of Rs2,500 crore within three days and Rs 14,900 crore in five installments by the end of July, 2015. But the proposal was not accepted by the court. The bench will continue the hearing of Mr. Roy’s petition challenging his imprisonment.
Mr. Ram Jethmalani and Mr. C A Sundaram, both senior advocates, appearing for the Sahara group and Mr.Roy have submitted that the SC order is illegal and the petition be decided on the basis of merit.
The SEBI also mentioned that Mr. Roy’s petition is not acceptable as he is challenging the SC’s order by submitting writ petition.
Source: The Business Line
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