SEBI nixes Sahara proposal to pay 'substantial amount' to depositors

March 07, 2014 12:21

Just in: SEBI has opposed Sahara's proposal, saying that while the group intends to pay Rs 17,000 cr, the total due amount is Rs 37,000 cr.

Earlier, Sahara had assured the SC that it would deposit a "substantial amount"out of Rs 20,000 crore of investors' money this month and the rest later.

Sahara proposed to deposit Rs 2,500 crore within three days and rest of the amount in instalments after every three months. The Sahara Group lawyers pleaded that Roy and other two directors be released from custody to raise the amount.

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