Sahara ready to pay additional Rs 300 crores to SC, puts condition

Photo of Sahara India group chief Subrata Roy Sahara.

Lucknow: The Sahara group Chief Subrata Roy today offers to pay additional Rs 300 crores to the Supreme Court today in the presence of market regulator Securities and Exchange Board of India (SEBI) and requested that this amount should be considered as the bank guarantee from the groups side.

The Sahara group lawyer Kapil Sibal on behalf of Subrata said that “we are ready to pay Rs 300 crores but assert condition that this amount should be consider as the bank guarantee from the group side”. The hearing in this regards is going to be held on next week.

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Earlier, in a big relief to Sahara chief, the apex court had on August 3rd extended his parole till September 16 to enable him to deposit Rs 300 crores with the SEBI.

On July 11, the apex court had extended his parole, on humanitarian grounds following the death of his mother, with a strict condition that he would have to deposit the balance of Rs 300 crores out of the Rs 500 crores promised by him.

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Roy was granted parole on May 6 this year which was extended by two months on May 11.

The Sahara chief was sent to jail on May 4, 2014, for his failure to comply with 2012 order directing him to return investor’s Rs 17,600 crores with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

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