The court had ordered that Sahara Group should deposit all the money of investors with SEBI with 15% interest.
SEBI told Supreme Court- Sahara Group has not been following court orders for 8 years
The Security and Exchange Board of India (SEBI) has filed a petition in the Supreme Court. SEBI has appealed to the court to order Subrata Roy, the head of Sahara Group and his two companies to deposit $ 8.4 billion or about 62 thousand crore rupees. Sahara Group owes this rupee to investors. SEBI said that if Subrata Roy is unable to deposit the money then he should be taken in custody.
The court ordered in 2012 and 2015 that Sahara Group must deposit all the investors’ money with SEBI with 15% interest. SEBI said that even after 8 years, the group is not following court orders.
Subrata Roy came out of jail after getting bail in 2016
Sahara Group has been a sponsor of the Indian cricket team. The group is in dispute with SEBI over thousands of crores of investors. The Sahara Group raised this money through a bond scheme. These schemes were later outlawed. In this case, Subrata Roy says that he has done nothing wrong. He was arrested in 2014 for contempt of court. Since 2016, he is running out of jail on bail.
Deposited only a portion of the principal amount
SEBI has said in the court that Sahara has not done anything to follow the orders so far. On the other hand, there is increasing liability on the contemptors and they are enjoying their release from custody. SEBI said that Sahara Group has accumulated only a part of the principal amount. The outstanding amount including interest is about 62 thousand crores.
Sahara said- SEBI got 22 thousand crores. lamps
Sahara Group says that we have given 22 thousand crores rupees to SEBI, but SEBI has given only 106.10 crores to investors. The group said that we are following the orders of the Supreme Court. Sahara India Pariwar has recently advertised in newspapers that there is only one allegation against company chief Subrata Roy Sahara or Sahara India Pariwar. The allegation is that he is taking time to pay off investors’ money. However, he is also paying interest on this delay.
Sahara has been following the condition for 8 years
Sahara has said that according to the condition laid by the Supreme Court for the last 8 years, the company is paying money by selling its assets. As per the condition of the Supreme Court, the money received from the sale of any assets of the entire Sahara Group, money from Joint Ventures will have to be deposited in the account of Sahara-SEBI. Sahara has said that it has not used a single penny in 8 years. All the money has been deposited in this account.