Sahara to move SC before submitting fresh title deeds, says Subrata Roy

Sahara India Pariwar chief Subrata Roy on Friday said the company would move the Supreme Court regarding the submission of fresh title deeds to market regulator Securities and Exchange Board of India (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," said Roy.

Sahara India was required to submit the title deeds of Rs 20,000 crore to the marker regulator as per 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.