Source: News Bharati English01 Mar 2017 10:27:15
New Delhi, March 1: Supreme Court directs Sahara Group to deposit over five thousand crore rupees by 7th April in SEBI-Sahara account to keep its chief Subrata Roy out of jail. The Apex court said the amount will be refunded to the investors.A bench headed by Justice Dipak Misra refused to give six months’ time to the group to sell its properties but allowed it to sell assets, mentioned in the list furnished by it, for refund of money. Earlier Sahara had asked the court’s permission to pay the balance in 22 months.
“In case a substantial amount is deposited, the court may think of extending the deadline,” the court said in its order after Sahara pleaded difficulty in disposing properties within a short time.
Senior advocate Kapil Sibal appearing for Sahara had presented a fresh roadmap in the previous hearing to repay the company’s investors, which the court rejected on Tuesday. Sibal said that the group has already sold 16 properties and has “brought the money” and it was willing to sell whatever was possible.
In 2014, Sahara Group chief Subrata Roy was taken in custody after it failed to comply with the court’s directions. In an unprecedented move, the court had set Roy’s bail at Rs10,000 crore. In May 2016, Roy and two of his associates were granted parole by the court which has been extended on request.