March 7, 2014 7:17 PM

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SC ticks off Sahara for not coming out with proper proposal for refunding investors money

The Supreme Court today ticked off the Sahara group for not coming out with a proper proposal for refunding 20,000 crore rupees of investors money. The Sahara group submitted a proposal that it was ready to make a cash payment of 2,500 crore rupees within three days and gave an assurnace that it will pay the rest amount 14,900 crore rupees in five instalments by the end of July, 2015.A bench of justices K S Radhakrishnan and J S Khehar rejected the proposal after SEBI also opposed it on the ground that group is supposed to pay 34,000 crore rupees and not just 17,400 crore rupees which Sahara today agreed to pay.The court said it is not a a proper proposal and the proposal should be honourable. The court also said Sahara Chief Subrata Roy will remain in Tihar jail till the day of next hearing on Tuesday.

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