SC dismisses Sahara's plea seeking time to repay investors - Moneycontrol.com

Troubles continue unabated for Sahara Group as the Supreme Court today turned down the group's plea seeking more time for repaying its investors. The apex court said that the Securities and Exchange Board of India (Sebi) was free to take any action against Sahara group companies. CNBC-TV18's Malvika Jain reports the details of the Supreme Court action. The Supreme Court bench headed by Chief Justice of India has refused to entertain Sahara's plea for further extension of time for repaying its optionally full convertible debentures subscribers. Now, the company will have to refund the entire amount of Rs 24000 crore, which includes the interest amount as well, as soon as possible. Otherwise, according to the Supreme Court, the Securities and Exchange Board of India (Sebi) is free to initiate action against the company. It was required and directed by the Supreme Court that Sahara should refund all the investors by mid-February. The deadline has already passed and it now remains to be seen what action will be taken by Sahara in this matter. Sebi has been issuing advertisements regularly warning investors to not subscribe to Sahara's schemes. What also remains to be seen is what action if at all will be initiated by Sebi against this company which has defaulted atleast at this point in time. via Business - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNEcP9FIXn0vQPNUWg2cpdD0IQXD3g&url=http://www.moneycontrol.com/news/cnbc-tv18-comments/sc-dismisses-saharas-plea-seeking-time-to-repay-investors_830336.html

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