Sahara makes fresh proposal in SC for refunding Rs 20000 cr

Tags: News
The Sahara group today made a fresh proposal before the Supreme Court for depositing Rs 20,000 crore investors' money with SEBI to secure release of its chief Subrata Roy who has been behind the bars along with company's two directors since March 4 when they were sent to judicial custody.

In the proposal, the group assured the apex court to deposit Rs 2,500 crore within three working days and pay three instalments of Rs 3,500 cr each at the end of June, September, December and the remaining Rs 7,000 crore by March 31, 2015.

A bench of justices K S Radhakrishnan and J S Khehar, however, refused to take the proposal on record and asked the group to file the document in the registry after which it will consider.

The group, in its proposal, also said that it is willing to give an irrevocable bank guarantee at any time for any unpaid amount and sought court's permission to allow the group companies to operate bank accounts which have been frozen.

The group had earlier made a similar proposal by offering to make cash payment of Rs 2,500 crore within three days and Rs 14,900 crore in five instalments by the end of July, 2015. It had contended that only Rs 15,400 crore remained to be paid.

The apex court had rejected the proposal on March 7.

The bench, however, continued with the hearing on maintainability of Roy's petition challenging his detention by the apex court.

Senior advocates Ram Jethmalani and C A Sundaram, appearing for the group and Roy, submitted that the apex court's order passed on March 4 is illegal and the plea be decided on merit.

SEBI had earlier contended that Roy's petition is not maintainable as he challenged the court's verdict by filing writ petition. It submitted that Roy can seek review of the order.

The hearing remained inconclusive and will resume tomorrow.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Banks must learn from past mistakes to promote financial inclusion

    Prime minister Narendra Modi launched a massive financial inclusion programme yesterday titled “pradhan mantri jan dhan yojana’ (PMJDY), that will

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Tushar Gandhi

Could prohibition mean profiteering?

In the mid 1930s, an American journalist asked Bapu if ...

Zehra Naqvi

The five universal languages of love

Love is a universal language. Don’t we all believe that? ...

Dharmendra Khandal

Time to protect our endangered wildlife species

After 65 million years of existence, the earth’s biodiversity is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture