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Sahara thanks apex court for asset de-freeze

IANS 05 Jun 2014, 12:06:21 IST
New Delhi: The Sahara Group has thanked the Supreme Court for lifting the freeze on its moveable and immovable assets so that it can raise the Rs.10,000 crore for part payment of dues, but also said it had repaid the bulk of money owed to investors.

"We are very thankful we got clearance of bank accounts and certain select properties," Sudeep Seth, Sahara's lawyer, said in a statement on the behalf of the group after the Supreme Court gave it the go-ahead on Wednesday for sale of its assets in India.

"However, the fact remains that Sahara has already repaid 93 percent of the investors, mostly in cash, and has submitted all repayment vouchers receipts and other documents in original with SEBI (Securities and Exchange Board of India), which SEBI has to verify."

The group said the actual repayment that was pending amounted to just Rs.2,500 crore and that there was not even a single complaint against Sahara. The group also claimed that Rs.5,600 crore of its money was already lying with the markets watchdog.

"Of course, all the money shall ultimately come back to Sahara after verifications."

De-freezing the assets of Sahara on Wednesday, an apex court bench of Justice T.S. Thakur and Justice A.K. Sikri also directed that the money so generated would have to be deposited in an account opened by the regulator.

Soon after the judgment, senior counsel Srinivasan Ganesh asked the court to grant five days' parole to Sahara Group chief Subrata Roy to be with his ailing mother.