Sahara to deposit Rs 200 cr as SC advances hearing

TIL Desk/Business/New Delhi-Sahara Group on Thursday informed the Supreme Court that it would deposit Rs 200 crore on Friday as the apex court is likely to hear the matter involving the return of money to three crore investors. The hearing has been advanced on the request of the Sahara Group after its senior counsel Kapil Sibal made a mention on Thursday before the bench of Justice Anil R. Dave and Justice A.M. Khanwilkar.

The hearing was originally scheduled for October 24. Seeking that the hearing be advanced from October 24 to October 21, Sibal told the court that Rs 200 crore that the Sahara Group was to deposit by October 23 would be deposited on Friday.

The group’s two companies — SIRECL and SHICL — had collected the money from investors through Optionally Fully Convertible Debentures (OFCDs) in 2008 and 2009. “We will be happy to hear it,” the bench observed as Sibal, appearing for Sahara Group chief Subrata Roy told the bench, “Rs 200 crore that was to come on Monday, it will come on Friday.”