New Delhi, March 7: The Supreme Court Friday said the Sahara Group’s proposal to pay the entire amount to SEBI in cash instalments of Rs.2,500 crore each at regular intervals of three months was not acceptable.
The apex court said: “You should bring a proposal which is acceptable and honourable. This is a dishonourable proposal.”
The Sahara Group told the court in the morning that it will deposit Rs.19,000 crore of investor’s money with the Securities and Exchange Board of India (SEBI) in cash instalments of Rs.2,500 crore each at regular intervals of three months, thereby extinguishing all outstanding claims by July 2015.
–Ind0-Asian News Service