Sahara urges apex court to defreeze accounts

NEW DELHI: Sahara has urged the Supreme Court to defreeze its accounts and properties to enable it to fulfil the conditions laid down by the top court for the bail of its chief Subrata Roy.

Stating that it was disappointed with the court judgement on Tuesday, the company promised to draw up a fresh proposal for the bail of Subrata Roy.

"We are still in the process of reading and understanding the judgment. The voluminous evidence that we have already submitted to substantiate our stance may have possibly been misunderstood," Keshav Mohan, the company's advocate was quoted as saying in a statement.

The statement quoted Mohan as saying that the company had already refunded to 93% of its investors.

"Most of the payments made were in cash, as per the RBI norms and in accordance with Sebi and SAT orders. In addition to ledger entries, we had also submitted original vouchers, receipts and other concerned documents in original, being physical proof of the payments and are with Sebi pending verification," Mohan was quoted as saying.