Sahara firms stated that they have already repaid their Real estate investors.
Sahara groups’ Chairman Subrata Roy stated that the group’s real estate wings have finished refunding. The advertisement was published in one of the leading newspapers.
Sahara advertisement, appeared on December- 9, stated that both Sahara India Real Estate Ltd and Sahara Housing Investment Ltd have given the prescribed amount to SEBI. The advertisement further claimed that the real estate firms have deposited an additional Rs.2500 Cr as well. This additional amount was deposited in view of avoiding all sorts of future embarrassment.
Interestingly the Supreme Court granted Sahara firms more time to refund. As per the latest SC Order the Sahara firms are to pay the amount in three installments. They are given 3 months’ time to refund. The SC order binds Sahara firms to repay the whole amount in installments. They are ordered to finish repayment by February first week.
At the same time a colorful advertisement by the Sahara India Pariwar limited the firms’ liability to Rs.2620 Cr. Some top newspapers printed the advertisement. According to the given advertisement the groups have already cashed majority of OFCDs (Optionally Fully Convertible Debentures). And the remaining debt or liability of the firm is mere Rs.2620 Cr, an amount slightly above 10 % of the tangible fine of Rs.24000 Cr.
Supreme Court had found that many of the OFCD investors were false and dubious. Sahara firms are alleged of gathering investment from nearly three crore investors. These investors are formed from PAN India presence.
Sahara India Pariwar published its provisional financial statement on December 3. This statement showed that the OFCD- repayments were begun in 2008-09. Sahara firms argued through this statement that the firms have nearly cleared off its liability amounting Rs.33,000 Cr. The statement added that a sum of Rs.5120 Cr would be well enough to clear the remaining liability caused by OFCD.
