NEW DELHI: Hearing on a long pending case involving Subrata Roy Sahara, the Supreme court has on Thursday warned the Sahara chief to deposit Rs 600 crore in an SEBI-Sahara refund account or be prepared to go to jail. The apex court told the Sahara chief that the deposit must take place by February 6, 2017.
Commenting on the case, a bench comprising of Chief Justice JS khehar and justices AK Sikri and Ranjan Gogoi said that they have already given enough time for Subrata Roy to pay back to his investors and that it is now with the Sahara chief to either choose between jail or depositing money.
The Sahara Group has already returned a total Rs 18,000 crore to its investors. According to the market regulator SEBI, Sahara was liable to pay a total of Rs 37,000 crore to its investors, of which the principal amount payable was Rs 24,000 crore.
Subrata Roy Sahara was sent to jail in 2014, for failing to comply with the orders of the Supreme court to return Rs 17,600 crores to its investors which his two companies Sahara Housing Finance Corp Ltd and Sahara India Real Estate Corp Ltd had raised through optionally fully convertible debentures in 2007 and 2008, the Times of India reported.
The bench had earlier asked the Sahara group chief to deposit Rs 1000 crore by February 6, but later reduced the amount to Rs 600 crore. Mr. Roy was charged for non-refund of nearly Rs 20,000 crore to investors.