Sebi says Sahara owes Rs 37,000 crore

NEW DELHI: In a statement that could make matters more difficult for jailed Sahara chief Subrata Roy, the Securities and Exchange Board of India (Sebi) told the Supreme Court that the sum owed by two group companies is more than Rs 37,000 crore.
“According to the affidavit filed by the two companies, the principal amount is Rs 25,780 crore. Together with interest, this amounts to over Rs 37,000 crore,” Sebi counsel Pratap Venugopal told the bench.
He quoted the August 31, 2012 which said the entire amount has to be paid with an interest of 15 per annum. A Sebi lawyer later told Business Standard that “the interest was payable from the date money was raised” and that “it was clear in the order.”
Venugopal’s statement came after Sahara submitted a staggered payment plan to pay a much lower amount than indicated earlier. While during Tuesday’s hearing the group had offered a bank guarantee for Rs 22,500 crore, on Friday the group proposed cash payment of Rs 17,400 crore in six quarterly instalments.
Roy’s counsel CA Sundaram said the group would first submit Rs 2,500 crore in cash over the next three days and would pay betweeen Rs 2,000 crore to Rs 3,900 in five quarterly instalments beginning July 2014. The last instalment was payable in July 2015.
The special bench of KS Radhakrishnan and JS Khehar,which assembled to hear the proposal was not impressed with the proposal. “Is this your final proposal?,” Radhakrishnan asked.                        —Agencies