Subrata Roy needs to pay Rs 62,600 crore to avoid getting jailed: SEBI to Supreme Court
New Delhi | Jagran Business Desk: Tightening the noose on Subrata Roy Sahara, the Securities Exchange Board of India (SEBI) has filed a plea in the Supreme Court, saying that the Sahara chief needs to pay Rs 62,600 crore (8.43 billion USD) immediately to avoid getting his parole cancel.
According to a report by Bloomberg, the SEBI said that the outstanding liability of the two companies associated with Sahara India Parivar Group and its chief Subrata Roy Sahara accounted for Rs 62,600 crore, including the interests. As per the latest court filings, Subrata Roy Shara's liabilities surged from Rs 25,700 crore, that he was ordered to pay in 2012, to the current amount.
However, the Sahara group has termed the market regulator's demand 'wrong' and, in an emailed statement, said that the SEBI has 'mischievously' added 15 per cent interest on the existing liabilities. The company also said that this is a case of double payment as the two companies of Sahara group have already paid back the investors.
“It is absolutely wrong demand by SEBI. It has “mischievously” added 15 per cent interest and it is a case of double payment as the companies have already paid back the investors", Sahara India Parivar said in the statement.
The Supreme Court in 2012 pronounced the verdict in the case and said that the Sahara group companies violated the securities law and raised over 3.5 billion USD illegally. The Sahara group said that the money was raised from lakhs of Indian who could not avail banking services. During the probe, the SEBI failed to trace the investors and when Sahara companies failed to pay the amount, the top court sent him to jail.
Moreover, Sahara has so far deposited over Rs 15,000 crore to the market regulator. Subrata Roy Sahara, who also featured in Netflix's Bad Boy Billionaires, is the story of a fallen business tycoon in India, who falls prey to India's efforts to go after the rich and famous who failed to pay their dues. Subrata Roy Sahara stayed in jail for two years and is currently out on parole since 2016.
Posted By: Talib Khan