Source: News Bharati English29 Nov 2016 11:13:55
New Delhi, November 29: The Supreme Court directed the Sahara Chief, Subrata Roy on Monday to deposit Rs600 crore in the SEBI-Sahara refund account to remain out of jail by 6 February 2017. He will have to return to the prison if he fails to do so. The court initially wanted Sahara to deposit Rs. 1000 crore with market regulator SEBI, but later settled for Rs. 600 crore when Sahara lawyer Kapil Sibal, requested to do the same.
Sahara presented a new road map to repay its investors, seeking to pay over Rs300 crore over two-and-a-half years to the Bench. Court asked why Sahara is entitled or disentitled to have this fresh proposal approved.
Claiming that the new road map will be on the personal guarantee of the group’s chairperson, Subrata Roy, Sibal appealed for approval of the same. “If we are unable to honour our promise of payment, Roy will surrender to the court immediately,” he told the court.
Later, the Bench asked Sibal about the amount deposited by Roy. “I have deposited Rs. 1,200 crore. Rs. 11,000-odd crore has been deposited and around Rs. 11,036 crore is remaining,” Sibal said. The court observed that Sahara’s dues come up to Rs. 14,000 crore.
A Bench comprising Chief Justice T S Thakur and Justices Ranjan Gogoi and A K Sikri also informed that they may consider appointing a receiver of properties if the group finds itself unable to sell them to pay back dues to investors.
Earlier, the Sahara Group had assured to pay an amount of over Rs 11,136 crore to SEBI in 21 instalments within two-and-half years to ensure the release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey.