JOIN USAfter the Supreme Court directed market regulator SEBI to accept a pay order of Rs.5,120 crore from Sahara Group's two real estate companies, the group's counsel Wednesday said the company had offered to pay the outstanding amount.
"Sahara had offered to pay the amount payable to the outstanding OFCDs (optionally fully-convertible debentures) holders. Sahara had kept two pay orders ready. As per the certificate of the statutory auditor, the outstanding liability of both the companies towards the outstanding OFCDs is Rs.2,620 crore only as on Nov 30," said Sahara group's counsel Satish Kishanchandani in a statement.
"On November 30, Sahara offered pay orders of Rs.2,620 crore and also a buffer amount of Rs.2,500 crore subject to certain verification of some pending/continuing at company's end," he added.
Kishanchandani, however, added that the Supreme Court directed that Sahara should pay Rs.17,400 crore along with interest as stated in the order.
"Today, Sahara was ready to offer a bank guarantee of Rs.14,780 crore so that this amount plus Rs.2,620 crore would become Rs.17,400 crore," he said.
"Pay orders for an aggregate amount of Rs.5,120 crore would be paid to SEBI and the remaining amount will be paid in two instalments of Rs.10,000 crore in the first week of January 2013 and the remaining amount in the first week of February 2013," he added.
Kishanchandani added that Sahara has already redeemed certain amount of OFCDs, SEBI is required to return the excess amount if any, to Sahara after payments to the outstanding OFCD holders.
The Supreme Court Wednesday asked SEBI to accept pay order of Rs.5,120 crore from two Sahara Group companies as part payment of the investors' money they had collected through OFCD.
The apex court bench of Justice K.S. Radhakrishnan and Justice J.S. Khehar Aug 31 directed the Sahara companies to deposit Rs.17,400 crore with 15 percent interest with the Securities and Exchange Board of India (SEBI) within three months, which the company failed to do.
The court Aug 31 directed the Sahara companies to return to investors Rs.17,400 crore with 15 percent interest that they had collected through OCFD in 2008 and 2009.