The Supreme Court on Friday rejected a Sahara proposal to pay its investors' money in instalments. Sahara had proposed to pay Rs 2500 crore of its unpaid dues in three working days and the rest of the amount in an-year-and-a-half.
Pursuant to the orders of this Hon'ble Court, Saharas have already deposited a sum of Rs. 5120 Crores with SEBI on 05.12.2012. A sum of Rs. 480.41 Crores has been received as interest on this amount, which is also credited to the SEBI's account, as stated in the 9th Status Report filed by SEBI before this Hon'ble Court on 09.12.2013. Aggregate amount of Rs.5600.41 Crores.
Further, pursuant to SEBI's attachment order dated 13.02.2013, SEBI has attached and withdrawn Rs 21.63 Crores from the accounts of other Sahara Group entities, as stated in 7th Status Report filed by SEBI before this Hon'ble Court. Thus in total an amount of approx. Rs. 5620 Crores is lying with SEBI.
PROPOSAL
Without prejudice to the contentions of Saharas regarding redemption of the OFCDs, the present proposal is being submitted by Saharas for implementation of the order of the Hon'ble Supreme Court for the kind consideration of this Hon'ble Court:-
1. Upon acceptance of this proposal, Saharas will make the payment of Rs. 17,400 Crores to SEBI in the following manner:
i. Rs. 2,500/- Crores within 3 working days of the restriction on operation of bank accounts / deposits being lifted;
ii. Rs. 2,000/- Crores by 31.07.2014;
iii. Rs. 2,500/- Crores by 31.10.2014;
iv. Rs. 3,000/- Crores by 31.01.2015;
v. Rs. 3,500/- Crores by 30.04.2015; and
vi. Balance amount of Rs. 3,900/- Crores by 30.07.2015.
To enable Saharas to generate the necessary funds to make the first and following of the aforesaid payments, Saharas and other Sahara group companies be forthwith permitted to operate the bank accounts/ deposits.
Immediately upon payment of the first installment:
a) All restrictions imposed by SEBI vide its orders dated 13.02.2013 and by this Hon'ble Court's Order dated 08.05.2012, dated 17.07.2013, dated 28.10.2013 and 21.11.2013 may kindly be withdrawn; and
b) the title deeds of the assets which were deposited with SEBI pursuant to the Order dated 28th October, 2013 as security, may kindly be returned to Saharas, as they propose to interalia dispose off / leverage the said assets. However, this is with a caveat that the monies raised by disposal of the said assets would be used only for the purpose of payment of amounts as aforesaid.
2. SEBI may accept the remaining documents which comprises of original vouchers, original receipts and all other relevant documents, within time as specified by the Hon'ble Court. SEBI would forthwith undertake examination and verification of the documents submitted by Saharas as per the directions contained in judgment and order dated 31.08.2012 of this Hon'ble Court and complete the same by 31st July, 2015. SEBI may refund to all the investors (holding single or multiple accounts), who lodge their claim, subject to verification and may also involve Saharas in such process. Saharas would offer all assistance as may be required by SEBI, for such purpose.
3. In cases where SEBI has completed the verification as per the order of this Hon'ble Supreme Court dated 31.08.2012, the total principal value of the concerned bonds, together with interest paid thereon may be credited to the account of Saharas.
Upon verification and making payments, SEBI shall refund the excess amount, if any, to Saharas as directed in the order dated 31.08.2012 read with 05.12.2012.
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