Sahara chief Subrata Roy today gave an undertaking in Supreme Court to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15, according to PTI report. The apex court in a stern message warned Roy that he may be sent to jail again if the amount is not paid, the report says. It has been learned that the top court extended parole of Roy till June 19 even as it asked him to be present in court on that day which is the next date of hearing. Roy has furnished a post-dated cheque of Rs 552 crore to be realised by July 15. The Supreme Court also asked Bombay High Court’s official liquidator to prepare terms for auctioning Aamby Valley for its approval on June 19. Roy was in the court after it had directed him to appear.
Earlier on April 21, a SEBI court had cancelled its non-bailable arrest warrants against Roy and three of his group firms’ directors after they appeared before it in a case filed by the SEBI against them. The special SEBI court cancelled the NBWs against them after they furnished fresh bail bonds of Rs two lakh each and gave undertakings to the court that they would attend its trial proceeding against them regularly, according to PTI.
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The court further decided to frame charges in the SEBI case against Roy and his three group firms’ directors – Ravishankar Dubey, Ashok Roy Choudhary and Vandana Bhargava on May 18. The Securities and Exchange Board of India had filed a case against Sahara India Real Estate Corporation, Sahara Housing Investment, their promoter Subrata Roy and the three directors in 2012, as per PTI.
As Roy and others had not appeared before the court earlier, non-bailable warrants were issued against them on March 31 this year. The accused had challenged the issuance of NBWs against them in the Bombay High Court which asked them to approach the trial court before May 3 for relief.
According to the SEBI, the Sahara Group companies issued ‘Optional Fully Convertible Debentures’ for public in 2009 under the garb of private placement. This violated the SEBI Act because companies have to list such securities on the stock exchanges which they did not do.
Although the complaint did not specify the amount collected from investors, it is estimated that it worked out to around Rs 24,000 crore, said SEBI lawyer Omprakash Jha who appeared along with advocate Purnima Advani today. The maximum punishment for the offence is ten years’ jail term and fine of Rs 25 crore, Jha said.