Subrata Roy in Calcutta on Friday. Picture by Kishor Roy Chowdhury
Calcutta, Nov. 29: Sahara Group plans to move the Supreme Court seeking a modification of the apex court’s order on the submission of fresh title deeds of properties worth Rs 20,000 crore to the market regulator.
Subrata Roy, managing worker and chairman of Sahara India Pariwar, said the company wanted to give the papers to a nationalised bank.
“We want to submit the title deeds to nationalised banks and not to Sebi for which the company would seek a nod from the Supreme Court,” Roy said.
He said the decision to go to a bank was aimed to save time. The title deeds are being sought as a collateral in case the company fails to refund money to small depositors. Sahara has suggested that a bank is best suited for the job rather than Sebi.
Sahara India had earlier submitted title deeds of Rs 20,000 crore to Sebi, but the latter rejected them on the grounds of being overvalued. Roy has contested the claim.
He said only Rs 2,500 crore was left unpaid to depositors out of the Rs 24,000 crore it was asked to pay back.
He claimed the ongoing controversy had not affected Sahara’s business. Sahara mobilises Rs 12,000 crore a year from depositors, while its yearly commitment is to pay back only Rs 700-800 crore.
Roy said the fundamentals of the group were solid as Sahara’s assets (movable and immovable) aggregated Rs 1.20 lakh crore. Sahara’s public deposits as of now stood at Rs 35,000 crore.
He said the group did not have any plans to sell its three prized hotels in New York and London even though there were good offers.
Sahara plans to hire 48,000 executives and 2.5 lakh salaried staff in the next two-and-a-half years. It has 11 lakh workers now. The company plans to enter the education and health sector as well.
Talking about a succession plan, Roy said the group would be run by a trust in the future and it would not be run on a profit motive. “I have told my sons and other family members about the decision,” he said.