‘Sahara to move SC before submitting fresh title deeds’
30 Nov 2013 11:08 PM GMT
Sahara India Pariwar chief Subroto Roy on Friday said that the company would move the Supreme Court regarding the submission of fresh title deeds to the market regulator Sebi.
'We want to submit the title deeds directly to the nationalised banks and not to Sebi for which the company would seek nod from the Supreme Court. We are now going to approach the apex court for an order so that we can submit all the documents to banks and not to Sebi,' Roy told reporters here. Sahara India was required to submit the title deeds of Rs 20,000 crore to the marker regulator as per the direction of the Supreme Court. Sahara India had earlier submitted title deeds of similar amount to Sebi but the latter rejected them on grounds that they were overvalued.
'The market regulator is not fair to us. We want to do this because we want to save time,' Roy said.
He said out of the required Rs 24,000 crore which it was asked to pay back to depositors, only Rs 2,500 crore was left unpaid. ‘We are all ready with the papers. We will move the Supreme Court before 11 December,’ Roy said.
He said the nationalised banks would issue trustee securities which some of them had already agreed. Asked to comment about the action by the regulator, he said, ‘The reasons are political.... I am a very emotional person. At some point of time, I had said that India’s PM should be an
Indian,’ he said.
'We want to submit the title deeds directly to the nationalised banks and not to Sebi for which the company would seek nod from the Supreme Court. We are now going to approach the apex court for an order so that we can submit all the documents to banks and not to Sebi,' Roy told reporters here. Sahara India was required to submit the title deeds of Rs 20,000 crore to the marker regulator as per the direction of the Supreme Court. Sahara India had earlier submitted title deeds of similar amount to Sebi but the latter rejected them on grounds that they were overvalued.
'The market regulator is not fair to us. We want to do this because we want to save time,' Roy said.
He said out of the required Rs 24,000 crore which it was asked to pay back to depositors, only Rs 2,500 crore was left unpaid. ‘We are all ready with the papers. We will move the Supreme Court before 11 December,’ Roy said.
He said the nationalised banks would issue trustee securities which some of them had already agreed. Asked to comment about the action by the regulator, he said, ‘The reasons are political.... I am a very emotional person. At some point of time, I had said that India’s PM should be an
Indian,’ he said.
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