The Supreme Court has granted interim relief to Sardar Sarovar Narmada Nigam (SSNNL) and its parent entity, the Gujarat government, staying a Gujarat high court order in the deep discount bonds case.
The move might mean the wait for hundreds of investors --including several provident funds, wealthy and small investors --could continue for months.
In 2008, the Gujarat government had got enacted the Sardar Sarovar Narmada Nigam Ltd (Conferment of Power to Redeem Bonds) Act. This enabled SSNNL to redeem bonds five years ahead of schedule for Rs 50,000, less than half the maturity value of Rs 111,000.
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