SC asks Sahara Chief to deposit Rs 600 crore by February 6th, else ready to go jail

Photo of Sahara Indian group chief Subrata Roy.

New Delhi: The Supreme Court of India today gave a big jolt to the Sahara India Group Chief Subrata Roy by not providing extension of time to pay Rs 600 crore and asked him to deposit the amount by 6th February or else ready to go back to prison in the ongoing case against him.

Subrata Roy’s request for the extension of time, the apex court had directed that the Sahara India chief might be sent back to jail if the required amount of money is not being paid to the Securities and Exchange Board of India (SEBI).

The Apex Court said that so much time has already been given to Sahara Chief, more than any other litigant.

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The SC rejected the plea made by Subrata Roy, who mentioned demonetisation and economic slowdown as the reason. However, the apex court has granted liberty to Subrata Roy to transfer Rs 285 crore deposited in London bank to SEBI.

At first, the bench had asked Roy to deposit Rs 1,000 crore with market regulator SEBI in two months or it will appoint a receiver, but later reduced the money to be deposited to Rs 600 crore till February 6, 2017.

The Sebi had said, Sahara has already paid Rs 10,918 crore out of Rs 24,029 crore raised from investors.

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The Roy was sent to jail on May 4th, 2014, for his failure to comply with 2012 order directing him to return investor’s Rs. 17,600 crores with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

Roy has been directly charged in the case pertaining to non-refund of nearly Rs 20,000 crores to investor.