The Supreme Court on Friday began hearing a proposal by the Sahara Group to pay the country's market regulator SEBI a substantial amount as surety to return investors the Rs.19,000 crore it had collected through Optionally Fully Convertible Debentures.
The regulator Securities and Exchange Board of India (SEBI) opposed Sahara's proposal, saying the group intended to pay Rs. 17,000 cr but the total due amount is Rs. 37,000 cr.
The apex court said "the first instalment looks attractive", agreeing to assemble the special bench today to hear Sahara's plea.
Sahara proposed to deposit Rs. 2,500 crore within three days and rest of the amount in instalments after every three months.
Senior counsel Rakesh Dwivedi, appearing for the Sahara Group, told the apex court bench headed by Justice K.S. Radhakrishnan that the group wishes to submit a substantial amount in a month and said the rest of the amount will be paid subsequently.
The counsel urged the court for an early hearing...
Source: Hindi News
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