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It is not yet clear how many Sahara has to repay in total, as the regulator, which oversees the process of refund, still is to check the investment documents. After the Court ruling on Wednesday, said Sahara that it was ordered to pay Rs 17400 crore together with interest.
It said in a statement quoting one of her lawyers that the supervisor her outstanding obligation at the bonds be 26.2 billion rupees had certified. Sahara has said that most of the funds to bond investors has already redeemed.
Lawyers for the regulator have the payout to approximately 240 billion rupees plus an interest rate of 15 percent per year estimated.
A copy of the court order Wednesday was not available.
The highest court had asked Sahara in August to deposit the amount with the supervisor of the capital markets. It had also ordered Sahara to detailed documents with the supervisor serve as the no money collected through the forbidden bonds had repaid.
The case was back in court, after the regulator said Sahara had not complied with the order, while Sahara argued the regulator "deliberately refused" to accept of documents and information submitted by it.
The Court granted extra time to Sahara despite objections of the lawyers from the Securities and Exchange Board of India (SEBI), a lawyer for the regulator said.
Sahara, whose interests range from finance and real estate to sports, has a series of trophy properties acquired in the past few years, and recently bought the Plaza Hotel in New York.
In 2008 the Reserve Bank of India ordered a Sahara company to stop taking deposits from the public.
SEBI issued ads in late October to say that they had received complaints from investors that they "were forced" by Sahara agents and officials to switch from the money held by the forbidden bonds to other investment products sold by the group.
Sahara has sought a review of the August court order. The Court is still reviewing a rule on the petition.
Reuters
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