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

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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.

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Tamil Nadu: 9 people killed as Anti-Sterlite protest turns violent in Tuticorin

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Chennai, May 22: At least nine persons were killed and over a dozen injured after the Anti-Sterlite protest turned violent in Tamil Nadu’s Tuticorin on Tuesday.

Hundreds of residents went on a rampage demanding the closure of a Sterlite’s industrial plant in the city, citing that the pollution it generates is causing serious health issues.

To control the situation police resorted to firing and lathi-charge. Section 144 has been also imposed in the area.

We condemn both the state and central government who have failed to constitute Cauvery Board with all its statutory powers. We also condemn the police atrocities & violence that took place in Tuticorin during the protest”, said DMK leader MK Stalin

The agitation against the plant, which represents the copper unit of Vedanta Limited, recently escalated after the firm announced the expansion of its unit in the city.

Sterlite Copper, which presently operates a 400,000-tonne per annum, maintains it has received necessary permits and has not violated any guidelines.

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Petroleum products should come under GST: IOCL Chairman

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New Delhi, May 22: Indian Oil Corporation Limited (IOCL) Chairman Sanjiv Singh on Tuesday stressed on bringing petroleum products under the Goods and Services Tax (GST) to provide relief to common people from a surge in fuel prices.

“There is no directive from the government to control fuel price. Spikes (in prices) were happening earlier and we decided to hold the prices for 19 days. All the petroleum products should come under GST”, said IOCL Chairman.

On being asked whether IOCL violated govt directive of day to day revision of prices of petroleum products during Karnataka election, he stated “government has given us a freedom to revise prices on day to day basis, we took a call”.

Earlier in a day, All India Petroleum Dealers Association president Ajay Bansal said the rising fuel price can be controlled by reducing VAT of state and central taxes.

“Fuel prices are directly linked to crude oil. The Organization of the Petroleum Exporting Countries (OPEC) have reduced supplies. We don’t have any say to bring down the price. We can only reduce VAT of state taxes and central taxes, that is the only way to reduce the price,” asserted Bansal.

A litre of petrol in Mumbai was retailing at Rs 84.70, while in Bhopal it hit a record high of Rs 82.47 on Tuesday.

Meanwhile, diesel touched Rs 71.66 in Bhopal and in Mumbai Rs 72.48 per litre.

In Delhi, prices of petrol was retailing at Rs 76.87 for a litre.

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Enforcement Directorate seizes assets worth crores from Dabur Director

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New Delhi, May 22: Enforcement Directorate (ED) on Tuesday seized assets worth Rs. 20.87 crores belonging to Pradip Burman, the Director of Dabur India Ltd. in lieu of assets held abroad.

The ED seized the assets under section 37A of Foreign Exchange Management Act, 1999 (FEMA), news agency ANI reported.

Burman, is the Chairman of Dabur Nepal Pvt Ltd (a subsidiary of Dabur India Ltd), Sanat Products Ltd., and Ayurvet Ltd. Sandesh. He joined the company in 1968, after completing his education from Massachusetts Institute of Technology (MIT).

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