Top
Begin typing your search above and press return to search.

SEBI to Subrata Roy: Pay Rs 62,000 crore or go back to jail

SEBI told the Supreme court that Sahara has failed to comply with 2012 and 2015 court orders to deposit the entire sum.

SEBI to Subrata Roy: Pay Rs 62,000 crore or go back to jail

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  20 Nov 2020 2:44 PM GMT

New Delhi: The country's market regulator has filed a petition with the Supreme Court requesting it to direct embattled Subrata Roy, Sahara conglomerate chief and two of his companies to deposit Rs 62,600 crore.

According to a copy of the petition, The Securities and Exchange Board of India (SEBI) told Supreme court that Sahara failed to comply with 2012 and 2015 court orders to deposit the entire sum it had collected from investors with 15% annual interest.

Sahara used to be the sponsor of India's national cricket team.

It is involved in a battle with SEBI over the failure of payment of billions of dollar to investors who put their money in a bond scheme that was later declared to be illegal.

Roy was arrested in March 2014 for failing to attend a contempt court hearing and has been on bail since 2016.

SEBI said that Sahara's continuous non-compliance over eight years has caused the regulator a great deal of inconvenience.

The regulator said that only a part of the principal amount has been deposited by Sahara and the balance with interest has doubled to more than 626 billion rupees.

In its defence, Sahara has previously told the court that it had refunded in cash most of the money it collected from investors and also submitted relevant documents with the regulator.

Sahara and Roy have been in the spotlight recently after they got a district court to stall the release of Netflix's series, "Bad Boy Billionaires" featuring Roy, among others, claiming it would hamper his reputation.

After the court's injunction, Netflix had released the show.

Also read: Elephant falls into well in Tamil Nadu, after 14 hour dramatic rescue operation, the animal is fine

Also watch: Protest against price rise marks Diwali in South Salmara-Mancachar

Next Story