OTHER GROUP COMPANIES
market

Sahara asks SEBI for 6 months time to repay investors

The Sahara Group had missed the payment deadline of 10th September imposed by Supreme Court to hand over details of bond holders

October 04, 2012 3:21 IST | India Infoline News Service
Sahara Group has asked SEBI (Securities and Exchange Board of India) for six months timeframe to repay investors amount worth $3 billion, the media reports said.

In August 2012, the Supreme Court ordered Sahara to repay the money by the end of November as the issuance had violated capital markets norms. But, Sahara Group missed the deadline set by the Supreme Court aimed at giving the investors back their money, the reports added.

The case revolves around $3 billion in bonds that two units of Sahara issued between 2008 and 2011. In 2011, SEBI found Sahara had violated capital market norms by calling the issue a private placement but marketing the securities to millions of investors.

Private placement attracts less regulatory inspection. Sahara Group fought the ruling but the Supreme Court ruled in favour of SEBI in August 2012.

The Sahara Group had missed the payment deadline of 10th September imposed by Supreme Court to hand over details of bond holders—part of the process to return the money.

On Wednesday, Sahara executives met SEBI officials and asked for six months to repay investors, the media reports further added.

The Sahara group started its business around 1970s taking small deposits from Indians in rural areas. The company has interests in finance and real estate.


 


 

OPEN A DEMAT ACCOUNT & Get
FREE Benefits Worth 5,000

FEATURED ARTICLE

BLOGS

Open Demat Account

  • 0

    Per Order for ETF & Mutual Funds Brokerage

  • 20

    Per Order for Delivery, Intraday, F&O, Currency & Commodity