NEW DELHI, Jan 6:
The Supreme Court today decided to hear the Sahara case next week on an application filed by the business conglomerate.
Sahara counsel Kapil Sibal mentioned the matter before a bench headed by Chief Justice JS Khehar to refer the case to another bench. “I have mentioned the matter for a direction from the Apex Court,” Mr Sibal said.
The Securities and Exchange Board of India (SEBI) alleged that business magnate Subroto Roy allegedly failed to comply with 2012 Supreme Court order directing him to return investors more than Rs 20,000 crore with 15% interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised in 2007 and 2008 through optionally fully convertible debentures (OFCD).
Sahara, once one of India’s most high-profile firms, had in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.
It asserts that it has paid more than 80 percent of the dues to the bondholders, but the market regulator, SEBI disputes that and said Sahara have not paid more than Rs 10,000 crores. (UNI)