(Repeats to attach to alert)
NEW DELHI, Dec 5 (Reuters) - India's Supreme Court gave the
Sahara conglomerate more time to repay billions of dollars it
had raised from investors through bond sales that were later
ruled to be illegal.
The court ordered Sahara to initially deposit 51.20 billion
rupees ($937 million) with the capital markets regulator and pay
the remainder in two instalments in January and February.
On Aug. 31, the court had asked Sahara to repay within 90
days as much as 240 billion rupees ($4.4 billion) collected from
nearly 30 million mostly small investors, plus interest of 15
percent a year, to the capital markets regulator.
Sahara had also been ordered to submit detailed documents
with the regulator if it had refunded any money collected
through the so-called optionally fully convertible debentures to
The regulator says Sahara has not complied with the top
court's order, while Sahara says the regulator "deliberately
refused" to accept documents and information submitted by it.
Sahara said in newspaper advertisements on Saturday it had
"cleared" about 330 billion rupees raised in the outlawed bonds
and had maximum outstanding liability of 51.20 billion rupees,
which it was ready to deposit with the authorities.
India's capital markets regulator said in late October it
had received complaints from investors that they were being
forced by agents and officials of Sahara to switch the money
held through the bonds to other investment products sold by the
($1 = 54.6400 Indian rupees)
(Reporting by Suchitra Mohanty, writing by Devidutta Tripathy,
editing by Ross Colvin)