Sebi moves Supreme Court seeking Rs 62,603-crore deposit from Sahara Group

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November 19, 2020 4:00 AM

Sebi on Wednesday moved the Supreme Court seeking a direction to the Sahara Group to forthwith deposit of Rs 62,603 crore, failing which its chief Subrata Roy and others be directed to be taken into custody, as directed by its June 2015 judgment.

Tyagi also offered some sage advise to mutual funds by saying that they should remember the difference between “investing” and “lending”.Seeking early listing of its application, Sebi said Roy and other contemners were in violation of various orders of the SC that directed deposit of the entire money collected from investors along with interest.

Sebi on Wednesday moved the Supreme Court seeking a direction to the Sahara Group to forthwith deposit of Rs 62,603 crore, failing which its chief Subrata Roy and others be directed to be taken into custody, as directed by its June 2015 judgment.

Seeking early listing of its application, Sebi said Roy and other contemners were in violation of various orders of the SC that directed deposit of the entire money collected from investors along with interest.

As on September 30, the total net liability of the Sahara Group is Rs 62,603 crore, including interest calculated at the 15% rate in terms of the original August 31, 2012 judgment, it claimed.

Roy and its two directors are out on parole since May 2016 after spending two years at Delhi’s Tihar Jail. Roy and others are in judicial custody since March 4, 2014, for not complying with the apex court’s August 31, 2012, and December 5, 2012, orders relating to refund over Rs 24,029 crore raised from three crore bond investors by two group firms.

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