Sahara Group assured the Supreme Court on Friday that its two companies will refund within three months the Rs 24,000 crore raised through Optionally Fully Convertible Debentures from investors.
Senior advocate Gopal Subramaniam,appearing for the company,asked a Bench led by Justice KS Radhakrishnan to grant the firms some time to sort out the disagreement with Sebi,which had moved a plea with the court,alleging that Sahara was not supplying them all the documents pertaining to the investors as per the apex courts previous order.
The Bench,which said that it would have to hear the matter with different judges,asked Sebi to have deliberation with Sahara in the meantime. It posted the matter for further hearing on October 19.
The apex court had on August 31 asked Sahara India Real Estate Corporation (now known as Sahara Commodity Services Corporation Ltd) and Sahara Housing Investment Corporation (SHIC) to pay back the investors and said that if they failed to refund the amount then Sebi could attach their properties and freeze bank accounts. It had also asked Sahara to furnish all its documents to Sebi.