The Sahara Group on Monday presented in the Supreme Court a road map for repayment of an outstanding amount of over Rs 11,136 crore to SEBI and proposed to clear its liability in 21 installments in two-and-a-half years to ensure “absolute” release of its chief Subrata Roy. The group submitted the application, along with a payment plan, seeking approval of the apex court and for “absolute” release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey once the amount is paid.
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The proposed plan was placed before a bench comprising Chief Justice T S Thakur and Justices Ranjan Gogoi and A K Sikri, which asked SEBI and senior advocate Shekhar Naphade, who is assisting as amicus curiae in the matter, to respond to it. The application also said that Roy and the two directors would give personal undertakings regarding the road map and “in the event of three defaults” of payment they would surrender and be taken into custody.
Giving the details, the application filed by Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) through senior advocate Kapil Sibal, proposed to pay Rs 1,000 crore in equal installments of Rs 200 crore by March 2017.
It proposed to repay Rs 2,700 crore by December next year in equal installments of Rs 300 crore each month April onwards. It would repay Rs 6,000 crore in six equal installments between January 2018 and April 2019, and the remaining amount of Rs 1,436.68 crore would be cleared by July 2019.
On the SEBI Sahara Refund Account, the application said that pursuant to an apex court order, Rs 11,001.40 crore has been credited to it from time to time while the liability was Rs 24,029.73 crore.
“By deducting Rs 11,001.40 crore from Rs 24,029.73 crore, the alleged liability according to Securities and Exchange Board of India (SEBI) would be Rs 13,028.33 crore,” it said while calculating the outstanding amount to be paid to SEBI at Rs 11,136.68 crore.
It said that it does not take into account the repayments made by the group to investors by cheques to the tune of Rs 1,165.68 crore and TDS deducted and deposited with Income Tax department at Rs 725.97 crore.