Setback for Subrata Roy, Supreme Court refuses to grant extra time for Sahara to deposit funds

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Updated: April 6, 2017 1:31:18 PM

Supreme Court on Thursday refused to extend time granted to founder and chairman of the Sahara group, Subrata Roy for depositing the money.

Subrata Roy founder and chairman of the Sahara group. (Reuters)

Over the dispute between Sahara Chief Subrata Roy and Securities and Exchange Board of India (SEBI) on non-payment of money to crores of investors, the Supreme Court on Thursday refused to extend time granted to founder and chairman of the Sahara group, Subrata Roy for depositing the money. The Apex Court said that the court has already given enough time to deposit the amount of Rs 5000 crore. Earlier, the Supreme Court warned Sahara that if the company fails to deposit the amount, then they would auction off its star project the Aamby Valley project in Maharashtra – SC has threatened that the project near Lonavala will be attached in the public auction to recover dues. The Aamby Valley property is worth Rs 39,000 cr. The Sahara officials in February this year, admitted before the Supreme Court that it had to pay Rs 14,000 cr as principal money to SEBI and that it had already paid Rs 11,000 cr. Earlier in the case, the apex court had asked Sahara to furnish a list of all the properties that were free from litigation and mortgage so that it can be put into public auction.

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SEBI had alleged that Roy had failed to comply with the 2012 SC order directing him to return more than Rs 20,000 crore to the investors with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

Earlier, Sahara Chief Subrata Roy’s parole was extended till November 28 after a note was taken for the deposit of Rs 200 crore that he made with SEBI in October 2016. The Sahara chief was lodged in Tihar jail since March 4, 2014 till his mother’s death in May 2016.

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