Advertisement
Thursday, Oct 28, 2021
Outlook.com
Outlook.com

Subrata Roy Must Pay Rs 62,600 Crore To Stay Out Of Jail, SEBI Tells Supreme Court

Roy has so far deposited over 150 billion rupees, Sebi said in the court filing.

Subrata Roy Must Pay Rs 62,600 Crore To Stay Out Of Jail, SEBI Tells Supreme Court
Subrata Roy | PTI
Subrata Roy Must Pay Rs 62,600 Crore To Stay Out Of Jail, SEBI Tells Supreme Court
outlookindia.com
2020-11-20T11:51:06+05:30

The Securities and Exchange Board of India (SEBI) has asked the Supreme Court to direct Sahara Group Chairperson Subrata Roy and two of his companies to pay Rs 62,600 crore, which they owe to the investors, Reuters reported on Thursday.

Bloomberg reported, the market regulator said that Roy’s parole should be cancelled if he doesn’t comply with the orders.

SEBI told the apex court that Sahara had failed to deposit the entire amount collected from the investors with 15 per cent annual interest, despite court orders in 2012 and 2015, according to a copy of the petition accessed by the news agency. SEBI said Sahara had paid only a part of the principal amount, and the interest had mounted to over Rs 62,600 crore.

“Saharas have made no efforts whatsoever to comply with the orders and directions,” SEBI said in its petition. “On the other hand contemnors’ liability is increasing daily and contemnors are enjoying their release from custody.”

A spokesperson for Sahara told Reuters that the company had already deposited Rs 22,000 crore and accused SEBI of “mischievously” adding interest.

Roy’s case, which featured in Netflix series Bad Boy Billionaires, is among stories of fallen business tycoons in Asia’s third-largest economy and India’s efforts to go after the rich and famous who failed to pay their dues.

Roy has so far deposited over 150 billion rupees, Sebi said in the court filing. The court has not yet decided when the case will be heard next.

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Aryan Khan Drug Case: Bombay HC Adjourns Hearing Of Bail Petition Till Thursday

Aryan Khan Drug Case: Bombay HC Adjourns Hearing Of Bail Petition Till Thursday

Justice Sambre has once again adjourned the hearing. The Bombay High Court will hear the petitions of Aryan Khan, Arbaaz Merchant and Munmun Dhamecha tomorrow afternoon after 2.30 pm.

Mandi Bypoll: 'Do They Want Me To Become Sati?', Asks Congress Candidate Pratibha Singh

Mandi Bypoll: 'Do They Want Me To Become Sati?', Asks Congress Candidate Pratibha Singh

Pratibha Singh talks about her decision to contest the poll and carry forward the legacy of ‘Raja Sahib’, ex-Himachal CM Virbhadra Singh.

IPL: Sourav Ganguly Steps Down As ATKMB Director

IPL: Sourav Ganguly Steps Down As ATKMB Director

ATK Mohun Bagan is owned by Sanjiv Goenka-led RPSG Group, which will now own an IPL team based out of Lucknow.

Pegasus Snooping Row: SC Cites 'Right To Privacy', Appoints 3-Member Probe Panel

Pegasus Snooping Row: SC Cites 'Right To Privacy', Appoints 3-Member Probe Panel

Stressing on the right to privacy, CJI Ramana said it was incumbent upon the Centre to seriously consider the use of such a technology.

Advertisement