The Supreme Court in its December judgement gave Sahara a relief wherein Sahara was supposed to submit the entire amount in three installments, the first installment being the Rs 5,120 crore which it has already paid to Sebi. The second one was Rs 10,000 crore which was supposed to be paid in the first week of January and the remaining amount by the first week of February.
Sources add that the second installment has not been deposited with Sebi and Sahara's review petition is pending at the Supreme Court. This is expected to come up tomorrow afternoon and Sahara would be appealing against the order of Supreme Court which is the August order of Supreme Court.
Sebi may approach SC if Sahara fails to repay on Jan 5
It is also learnt Sahara will be seeking a relief. According to it, Sahara had already paid up all the investors and paying again or depositing the entire amount to Sebi would amount to paying the investors twice. Hence, Sahara is willing to give bank guarantees to that effect. However, it is not willing to submit the cash to Sebi.
Meanwhile in December, Sahara had submitted some of the documents which includes application forms of 3.5 crore investors and vouchers which amount to nearly Rs 2.5 crore. Though the entire voucher has not been submitted to Sebi the application forms of all the 3.5 crore investors have been submitted to Sebi.
The case now comes up tomorrow where Sebi also has a case in Supreme Court as far as contempt proceeding is concerned.
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