Supreme Court rejects Subrata Roy’s plea seeking extension of time to pay Rs 600 crore to SEBI

The Sahara Group in November had presented a road map for the repayment of an outstanding amount of Rs 11,136 crores to SEBI and proposed to clear its liabilities in two-and-a-half years to ensure 'ábsolute' release of Roy.

By: Express Web Desk | New Delhi | Updated: January 13, 2017 1:07 pm

 

Sahara chief Subrata Roy Sahara chief Subrata Roy

The Supreme Court rejected a plea filed by Sahara Group seeking extension of time to pay Rs 600 crore to market regulator Securities and Exchange Board of India (SEBI). The court said that if the company fails to pay the amount by February 6, it’s tainted chief Subrata Roy, currently on parole, shall have to commit himself to jail. Roy cited demonetisation and economic slowdown as reasons for request of extension of time. The court observed that too much indulgence had been granted to the Sahara chief, more than any other litigant.

WATCH VIDEO | Income Tax Panel Admits Sahara Fastest Disposal In 5 Years

On October 25, the top court had extended Roy’s parole after the company deposited Rs 200 crore with SEBI for repayment of investors. After spending over two years in jail, Roy was released on parole when his mother died in May this year. His parole, as well as that of directors Ashok Roy Choudhary and Ravi S Dubey, was subsequently extended on the condition that they should deposit money for refunding investors at regular intervals.

The Sahara Group in November had presented a road map for the repayment of an outstanding amount of Rs 11,136 crores to SEBI and proposed to clear its liabilities in two-and-a-half years to ensure ‘ábsolute’ release of Roy. 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.

(With inputs from ANI and PTI)

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  1. P
    PB
    Jan 12, 2017 at 5:37 pm
    SC double standards: Fine Sahara, but no case against those who Sahara paid off??
    Reply
    1. F
      Franky
      Jan 12, 2017 at 10:33 am
      take him in custody with his family inluding sons , daughter inlaw , daughters and g children and make the family guest in tihar jail. Then only this cheaters of poor and bribers to the Govt bank officials and politician will learn a lesson. Bring Mallya back give another room in tihar the tihar hospitality. SC to go after all Industrialist more than 500 crore loan and going round in mercedes make them all tihar guest. This country is full of Rogue people wants to cheat and become rich
      Reply
      1. P
        pawan
        Jan 12, 2017 at 3:44 pm
        Amazing...thousand of cases are pending and this inept clueless SC keeps on hearing this corrupt case and keep on giving levrage...travesty of justice for thousands waiting for case to be heard...
        Reply
        1. M
          Manzoor
          Jan 12, 2017 at 2:54 pm
          Why this thug has been given so much lenency I don't find any rational behind this. SC should ceased his property immediately.
          Reply
          1. P
            Parth Garg
            Jan 12, 2017 at 10:32 am
            The SC cannot act as a self appointed arbitrator. If the defaulter doesn't pay he should go to jail right away.
            Reply
            1. S
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              Jan 12, 2017 at 3:59 pm
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              1. S
                Sushma
                Jan 12, 2017 at 10:34 am
                Some honest actually did his job. Otherwise was it for the law minister he would have been pardoned. There are lot of favors done by Sahara chief for various politicians. For BJP and Congress
                Reply
                1. S
                  Suneil
                  Jan 12, 2017 at 10:35 am
                  That puts BJP out of the race in UP
                  Reply
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