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Ready to pay as per apex court directives: Sahara

Sahara said it had offered to repay the holders of Optionally Fully Convertible Debentures and had kept two pay orders ready.

Press Trust Of India

Updated:December 5, 2012, 9:41 PM IST
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Ready to pay as per apex court directives: Sahara
Sahara said it had offered to repay the holders of Optionally Fully Convertible Debentures and had kept two pay orders ready.

New Delhi: Hours after the Supreme Court directed Sahara Group to make payment of Rs 24,000 crore to its investors within nine weeks, the company said it was ready to pay as per the directives.

In a statement issued by its lawyer on Wednesday, Sahara said it had offered to repay the holders of Optionally Fully Convertible Debentures (OFCDs). Sahara claimed that it had kept two pay orders ready.

"As per the certificate of the statutory auditor, the outstanding liability of both the companies towards the outstanding OFCDs is Rs 2,620 crore only as on Nov 30, 2012," said Sahara's counsel Satish Kishanchandani in a statement.

"On November 30, 2012, Sahara offered pay orders of Rs 2,620 crore and also a buffer amount of Rs 2,500 crore subject to certain verification of some pending/continuing at company's end," the statement further said.

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