SC gives Sahara more time to repay bond investors
The Supreme Court gave temporary relief to Sahara group when it gave the company more time to repay the money it had raised from investors through bond sales that were later ruled to be illegal.
The court has ordered Sahara to initially deposit Rs.5,120 crore with the capital market regulator (SEBI) and pay the remainder in two installments in January and February.
In its August ruling, the court had given Sahara 90 days time to repay as much as Rs.24,000 crore collected from nearly 30 million mostly small investors, plus interest of 15% a year, to the Securities and Exchange Board of India (SEBI).
The company has also been ordered to furnish detailed documents with the regulator if it had refunded any money collected through the sale of Optionally Fully Convertible Debentures (OFCDs) to investors.