The Sahara Group on Wednesday sought permission from the Supreme Court to prevent the entire money it earns from sale of its assets from being locked up in a Sebi account, and instead wants liberty to utilise the balance amount, if any, to meet its liabilities like paying salaries and I-T dues after complying with its March 2014 order.
The group has also asked a bench headed by justice TS Thakur to allow its group companies to meet their respective statutory and other liabilities. The SC has posted the matter for hearing on May 8. The apex court had on March 26 last year set a R10,000-crore condition for Sahara chief Subrata Roy and two other company directors to walk free from Tihar. Roy has been in detention since March 4 for the failure of its two group companies — Sahara Housing and Sahara Real Estate — to return R24,000 crore, excluding interest to nearly 3 crore investors through market regulator Sebi.
Arguing that the group is in the process of taking all the necessary steps for complying with the apex court’s orders of March last year, senior counsel Kapil Sibal asked the court to permit the Sahara group companies to “utilise the balance, if any, of the proceeds obtained from the sale/encumbrance of assets which has been specifically permitted by the SC that remains after complying with the order”.