The Supreme Court announced Sahara Group Chief Subrata Roy to deposit Rs. 600 crore more in SEBI-Sahara refund account by 6th February. On Thursday, the court ordered to pay the amount or go to jail. The Sahara group engaged in a long legal battle with Securities and Exchange Board of India (SEBI) to refund over Rs. 24,000 crores to investors.
“You have been given a lot of time. You must make the scheduled payment by February 6 to stay out of jail,” the top court told Sahara counsels.
Subrata Roy 68, who is currently out of jail on parole which granted to him, following his mother’s death in May 2016. Roy and other two directors were sent to Tihar jail in New Delhi on 4th March 2014. The court initially ordered Sahara to deposit Rs. 1000 crore with market regulator SEBI, and later it is settled for Rs. 600 crore.
On 25th October, the court extended the Subrata Roy parole till 28th November after the company deposited Rs. 200 crore of repayment of investors. Roy, directly accused in the case of about non-refund of nearly Rs. 20,000 crores to the investors.
Meanwhile, the regulator SEBI kept as many as five parcels of the company land for e-auction, in a bid to increase money through the sale of Sahara assets. Earlier, 13 properties put on the block in the month of October. And before that, around 58 properties auctioned in July with a collective reserve amount of nearly Rs 5,000 crore.