Sahara makes part-payment of Rs 3,000 cr to Sebi

SC has asked the group to pay Rs 10,000 cr to secure bail of its chief Subrata Roy

The Sahara group has made a partial payment of Rs 3,000 crore after the Supreme Court lifted a freeze on its assets.  

 

A Sebi official confirmed that the part payment had been made. Spokespersons for the regulator and the Sahara group did not immediately respond to a request for comment.

 

The Supreme Court had earlier asked the group to deposit Rs 10,000 crore with the regulator towards payment of its dues. It lifted a freeze on the group’s assets in order to allow it to meet its obligations. 

 

The matter in the apex court deals with irregularities in the way the group has raised money from investors, to the tune of Rs 24,000 crore through the issue of Optionally Fully Convertible Debentures or OFCDs. The amount is said to have ballooned to Rs 37,000 crore including interest payments, according to the Securities and Exchange Board of India. But Sahara maintains that it has paid back most investors. 

 

Sebi had asked the group to stop its fund raising activities and refund investors, and the Supreme Court had endorsed this decision. The group subsequently gave Rs 5,120 crore to the regulator and said it had already refunded the remaining Rs 19,000 crore directly to investors.

 

The Supreme Court subsequently ordered that Sahara chief Subrata Roy be taken into custody on the matter.