Sahara-SEBI case: On Monday, Supreme Court orders by the bench headed by Chief Justice T.S. Thakur had directed the Sahara Group Chief Subrata Roy to deposit Rs 600 crore in SEBI-Sahara refund account by February 6 next year in order to stay out of jail.
Sahara-SEBI case – Roy’s interim bail extended
Earlier, the amount asked for the deposit by SC was Rs 1000 crore, however, it was later reduced to Rs 600 crore after negotiation by Roy’s lawyer Kapil Sibal. Roy’s attorney had presented a complete plan before the court on Monday to deposit the complete sum of Rs 11,136 crores in a time period of two and a half years in 21 instalments.
“I have deposited Rs. 1,200 crore. Rs. 11,000-odd crore has been deposited and around Rs. 11,036 crores is remaining“, said Kapil Sibal.
SEBI regulator has put up five of company’s land properties for e-auction in order to recover the money through the sale of the assets of the Sahara Group. Earlier this year, the assets of company worth Rs 1400 crore and Rs 5000 crore were put up for auction.
An appeal was made before the bench headed by T.S. Thakur and the amicus curiae, Advocate Shekhar Naphade, for an ‘absolute’ release of Sahara Group Chief along with the directors Ashok Roy Chaudhary and Ravi Shankar Dubey. It was also mentioned in the application that “in the event of three defaults” in the payment, the three would surrender and can then be taken into custody.
Subrata Roy’s interim bail has been extended and he is currently out on a parole, earlier he was kept in Tihar jail for two years.
