Ready to pay as per Supreme Court directives: Sahara

Hours after the Supreme Court directed Sahara Group to make payment of Rs 24,000 crore to its investors within nine weeks, the company said it was ready to pay as per the directives.

In a statement issued by its lawyer today, Sahara said it had offered to repay the holders of Optionally Fully Convertible Debentures (OFCDs). Sahara claimed that it 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, 2012.

"On November 30, 2012, 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," Sahara's counsel Satish Kishanchandani said in the statement.