The Sahara Group today presented in the Supreme Court a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI and proposed to clear its liability in 21 instalments in two-and-a-half years to ensure "absolute" release of its chief Subrata Roy.
Sahara Chief Subrata Roy and two other group directors will have to surrender to custody within a week, with the Supreme Court today terminating the "interim arrangements" of granting parole to them.
A bench headed by Chief Justice T S Thakur got infuriated when senior advocate Rajeev Dhavan, appearing for Sahara, said they have not been involved in the process of selling of properties by Securities and Exchange Board of India (SEBI).
Sahara group today appraoched the Supreme Court seeking postponement of the scheduled hearing on April 22 on SEBI's plea seeking its permission to detain Sahara Group's chairman Subrata Roy Sahara.
It is getting really ugly between Securities and Exchange Board of India (Sebi) and Sahara. For Sahara and Subrata Roy the blows just keep on coming.
Woes of Sahara-owned companies appear to be multiplying. The Securities and Exchange Board of India (SEBI) has asked Sahara companies to refund money raised via optionally fully convertible debentures (OFCDs).