SC defers Sahara hearing
ENS Economic Bureau : New Delhi, Wed Dec 05 2012, 01:03 hrs
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The Supreme Court deferred until Wednesday a hearing over the Sahara group's failure to comply with the court's directives on repaying Rs 24,000 crore it had raised from investors through optionally fully convertible debentures that were later declared illegal.
On August 31, the court had asked Sahara to repay by November 30 the principal amount along with 15 per cent annual interest to nearly three crore investors.
On Tuesday, senior advocate Gopal Subramanium, Sahara's counsel, sought some more time from a bench led by Chief Justice Altamas Kabir to make a categorical statement on whether it can refund entire money within seven days. Subramanium further cited sorting out voluminous documents before adducing a final answer.
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