SC asks Sahara to give Rs 20,000 cr as bank guarantee

Last Updated: Fri, Oct 04, 2013 12:12 hrs

Supreme Court on Friday asked Sahara India to submit a bank guarantee for nearly Rs 20,000 crore.

The court directed two group firms Sahara India Real Estate Corp and Sahara housing Investment corp to submit the guarantee before next hearing on October 28.

In August 2012, the court had directed the firms to pay Rs 24,029 crore raised by selling bonds to some 29.6 million investors along with an interest of 15 per cent. But the companies have so far paid only Rs 5,120 crore.

Earlier, Sebi rejected Sahara's offer to secure the difference amount through immoveable property entrusted with a bank trustee.

"Either they have to sell their assets and deposit the money in a bank account or give a bank guarantee for the entire amount," said Arvind Datar, Sebi counsel, adding, " we dont have the manpower or machinery to handle the assets, documents or third party."

Datar added, "I have been dealing with the group for the past four years. They dont play cricket."

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