Sahara case: SC won’t modify refund order

In a blow to the Sahara Group, the Supreme Court has refused to modify its December 5 order, giving it till February to refund Rs.24,000 raised from its around 3 crore investors through "illegally" run optionally fully convertible debentures. Sahara will have to pay its first instalments of R10,000 crore by Saturday.

An SC bench, headed by Chief Justice Altamas Kabir, said: "No more time". Justice Kabir said that he has received various letters leveling many allegations against him.

Sahara wanted to give a bank guarantee for R10,000 crore through highly credible financial institutions till Sebi verified the documents/information, saying it had already redeemed OFCDs prior to August 31 order and no further money is to be paid. Besides, the two group entities wanted a direction to Sebi to accept the documents in support of refunds made as the deadline for such submission has already expired.

Meanwhile, Sebi also requested the court for early listing of its petition seeking to initiate contempt against the Sahara Group companies and its MD, Subrata Roy, and directors, Ashok Roy Choudhary, Ravi Shankar Dubey, Vandana Bhargava, for non-compliance of SC's directions.

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