India

Pay Rs 600cr by Feb or go to jail: Supreme Court to Subrata Roy Sahara

subrata-sc

New Delhi, January 12: The Supreme Court on Thursday rejected the plea filed by Sahara Chief Subrata Roy to extend time for paying Rs 600 crore to SEBI and warned to cancel his parole if he fails to meet the commitment till February 6.

Citing demonetisation and economic slowdown as reasons for delay in the payment Sahara counsels requested extension of time for the same. The apex court said a lot of time is already given. “You must make the scheduled payment by February 6 to stay out of jail,” said the Court.

Roy is currently on parole since May, 2016 and his parole was extended after the payment of Rs 200 crore. On March 4, 2014 Roy and 2 other directors were sent to Delhi’s Tihar jail after they failed to comply with SC’s August 31, 2012 order and return money to the investors. The Group had raised Rs 24,000 crore from its two companies in 2008-09 through optionally fully convertible debentures (OFCDs).

The Supreme Court is now hearing a contempt plea by SEBI against the two companies – Sahara India Real Estate Corp Ltd (SIRECL) and Sahara Housing Finance Corp Ltd (SHICL) for not complying with its order directing the companies to return investors Rs 17,600 crore.

Wefornews Bureau

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