Crime

SC insists on Sahara to pay or face music

July 07, 2017 04:08 AM
Sahara chief Subrata Roy

New Delhi: Sahara group on Wednesday met the deadline to pay an instalment of Rs 1,500 crore to market regulator Sebi but failed to convince the Supreme Court to accede to the request to defer the July 15 deadline by a month for depositing another Rs 500 crore.

But a bench of Justices Dipak Misra, Ranjan Gogoi and A K Sikri remained unmoved and reiterated that if Sahara group failed to pay Rs 500 crore by July 15, seri ous consequences would follow. If the group dishonours its commitment, first made on April 27 and reiterated on June 19, then Sahara chief Subrata Roy and two directors, who are on interim bail, could be back in jail.

Advocates Kapil Sibal and Mukul Rohatgi argued for leniency while reiterating the group's commitment to pay the balance Rs 9,000 crore, but in vain. “Please extend the deadline for payment of Rs 500 crore till August 15, by which time we will also present a roadmap for repayment of the balance Rs 9,000 crore. We have so far paid Rs 13,316 crore.How much has Sebi refunded to the so-called investors?
Let there be a sample check of our documents which will clearly show that we have already returned the monies to investors. We are not reneging from our commitment to pay up the entire money. But we need some accommodation,“ they argued.

Sahara had paid Rs 790.18 crore by June 15 and fell short of its commitment by Rs 710 crore. On Wednesday , Sibal informed that it has paid Rs 710.22 crore to Sebi, the bulk of which ­­ Rs 625 crore ­­ came from the sale of Grosvenor House hotel in London.

But a bench of Justices Dipak Misra, Ranjan Gogoi and A K Sikri remained unmoved and reiterated that if Sahara group failed to pay Rs 500 crore by July 15, seri ous consequences would follow. If the group dishonours its commitment, first made on April 27 and reiterated on June 19, then Sahara chief Subrata Roy and two directors, who are on interim bail, could be back in jail.

“The only roadmap for the future is heavier instalments...We cannot wait till eternity to recover the amount as directed in the judgments of this court,“ the bench said.

The court made it clear to Roy, who was present in the courtroom, that it would commence the process for auction of its prime property, Aamby Valley.

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