1. Rs 47,000 cr refund case: Subrata Roy led Sahara Group asks SC to advance hearing

Rs 47,000 cr refund case: Subrata Roy led Sahara Group asks SC to advance hearing

Informing the Supreme Court that it would deposit R200 crore on Friday, Sahara requested for advancing the hearing as the top court is likely to hear its case involving the refund of over “R47,000 crore including interest” raised from its 3.3 crore investors in 2008-09 through illegal bonds.

By: | New Delhi | Updated: October 21, 2016 7:09 AM
Subrata Roy Sahara Group The SC had on September 28 asked the Sahara group to deposit another R200 crore as it extended its chief Subrata Roy parole until October 24. (Source: PTI)

Informing the Supreme Court that it would deposit R200 crore on Friday, Sahara requested for advancing the
hearing as the top court is likely to hear its case involving the refund of over “Rs 47,000 crore including interest” raised from its 3.3 crore investors in 2008-09 through illegal bonds.

The hearing was advanced to Friday after Sahara’s senior counsel Kapil Sibal requested the bench headed by Justice Anil R Dave to do so. The hearing was originally scheduled for Monday. “We will be happy to hear it,” the bench observed.

The SC had on September 28 asked the Sahara group to deposit another R200 crore as it extended its chief Subrata Roy parole until October 24. It had also asked Sahara to give a road map as to how it will discharge its liability to return money to the the investors after observing that it had lost faith in Sahara because of its past conduct.

Meanwhile, the market regulator in its status report filed earlier this week said the two Sahara group firms — Sahara India Real Estate and Sahara Housing Invest — are supposed to refund total Rs 47,087.70 crore, which includes interest calculated at the rate of 15% till October 17.

Sebi told the court that Sahara has so far remitted only Rs 10,780.75 crore which if taken together with interest earned/accrued till September 30 comes to Rs 13,333.80 crore. It further submitted that as per the scheme of auctions in Phase II, SBI Cap and HDFC Realty would auction 13 properties in the last week of October and these properties will have a total reserve price of Rs 1,389.60 crore.

Roy is out on parole since May, after spending two years at Delhi’s Tihar Jail. The 68-year-old head of the Sahara group and two other directors had been granted parole when Roy’s mother died in May this year, and it had been extended four times since then.

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