It’s too much for us: Sahara

“It’s impossible to raise Rs. 36,000 cr. in 18 months”; but Bench says the group is obliged to pay up

The Sahara Group on Tuesday voiced exasperation in open courtroom at the Supreme Court’s direction to pay Rs. 36,000 crore – its total liability – to depositors in 18 months, saying “no business house in the world can do that.”

But a Special Bench led by Justice T.S. Thakur stood its ground, responding that the company is “obliged” to pay up.

“Nobody in the world can pay Rs. 36,000 crore in one-and-a half years. No business house can do that,” senior advocate Kapil Sibal lashed out in open court. But a calm Bench reasoned that Sahara’s inability to pay should not result in a stalemate.

“You should go for other possibilities,” Justice Thakur said.