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Settle case amicably: SC tells Sebi,Sahara

Asks if Sahara could furnish bank guarantee.

Written by Utkarsh Anand | New Delhi | Published: October 5, 2013 4:14:08 am

Favouring a harmonious settlement in the interest of investors as well as preventing further legal wrangling,the Supreme Court on Friday asked Sahara and Sebi to sit across the table and devise methods for securing Rs 19,000 crore for redeeming the investors.

While posting the matter for further hearing on October 28,a bench of Justices KS Radhakrishnan and JS Khehar asked the Sahara group and Sebi to put their heads together for an amicable settlement of the dispute.

Referring to media reports that Sahara recently purchased an immovable property in London worth Rs 256 crore,the bench said if the report were true then the group appeared to be financially competent to pay off the investors. It asked Sahara’s counsel if they could furnish bank guarantee with the Sebi for securing the outstanding dues.

Senior advocate CA Sundaram,appearing for Subrata Roy,chairman of the Sahara group,said that the group could deposit the immovable property as security. However,Sebi’s counsel said that Sahara should be directed to sell its properties and then furnish the amount to Sebi.

It questioned the sale deed and worth of Sahara’s properties and said that Sebi should be not getting involved in such dealings.

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