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.
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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)