Reveal source of Rs 20,000 cr refund, SC tells Sahara

Jan 09, 2014, 06.18 PM IST

Not only did the court today refuse to permit Subrata Roy Sahara from traveling abroad, it also directed him and his group of companies to explain how they managed to refund Rs 20,000 crore to Optionally Fully Convertible Debentures (OFCD) investors and what was the source of the fund.

Tags  Sahara, OFCDs, Optionally Fully Convertible Debentures, Rs 20, 000 crore, Subrata Roy Sahara, Sahara One Media and Entertainment

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Reveal source of Rs 20,000 cr refund, SC tells Sahara

Not only did the court today refuse to permit Subrata Roy Sahara from traveling abroad, it also directed him and his group of companies to explain how they managed to refund Rs 20,000 crore to Optionally Fully Convertible Debentures (OFCD) investors and what was the source of the fund.

Like this story, share it with millions of investors on M3

Reveal source of Rs 20,000 cr refund, SC tells Sahara

Not only did the court today refuse to permit Subrata Roy Sahara from traveling abroad, it also directed him and his group of companies to explain how they managed to refund Rs 20,000 crore to Optionally Fully Convertible Debentures (OFCD) investors and what was the source of the fund.

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After beleaguered company Sahara posted advertisements in leading newspapers claiming they have faced injustice at the hands of the Indian justice system, the Supreme Court has asked the company to publicly apologise for the same.

Not only did the court today refuse to permit Subrata Roy Sahara from traveling abroad, it also directed him and his group of companies to explain how they managed to refund Rs 20,000 crore to Optionally Fully Convertible Debentures (OFCD) investors and what was the source of the fund.

The court made it very clear that it is not satisfied with the manner in which the company has been handling the implementation its order that was passed in 2012.

The court has also threatened to initiate a direct initiation of a Central Bureau of Investigation (CBI) probe and an Registrars of Companies (ROC) probe in case the group is not able to explain the source of funding and the manner in which investors were refunded.

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