Sahara case hearing deferred to Wednesday
Posted on: 01:37 PM IST Dec 04, 2012
New Delhi: The Supreme Court has deferred a hearing over the Sahara conglomerate's failure to meet the court's guidelines to repay crores of rupees it had raised from investors through bond sales that were later ruled to be illegal.
The Supreme Court said it would hear the case on Wednesday, after a lawyer for Sahara sought more time to reply to why the group had not complied with the court's order.
On August 31, the apex court had asked Sahara Group to repay about Rs 24000 crore with interest within 90 days. Sahara had said in newspaper advertisements on Saturday it had "cleared" about Rs 33000 crore to investors in the so-called optionally fully-convertible debentures and had maximum outstanding liability of Rs 5120 crore, which it was ready to deposit with the authorities.
Capital markets regulator said in late October it had received complaints from investors that they were being "forced" by agents and officials of Sahara to switch the money held through the outlawed bonds to other investment products sold by the group. The unlisted Sahara, whose interests range from real estate to insurance and sports, is the lead sponsor of the Indian cricket team.