The Supreme Court has warned beleaguered tycoon Subrata Roy to deposit about Rs 2,052 crores by July 15, failing which the top court would send him back to the jail.
“We are warning you – if the cheques are not realized, we will send you to Tihar Jail directly from court,” an NDTV report quoted the judges as saying. The court’s response came after Sahara missed a series of deadlines to deposit the aforesaid amount.
The court is looking to ensure that Sahara repays thousands of crores to investors that were collected through a savings deposit scheme that was declared illegal by market regulator SEBI. Sahara has been told to refund a principal amount of 24,000 crores. It has paid about 12,000 crores, while it has to pay Rs 11,169 crore to SEBI as per the directive of the Supreme Court.
The court has been insisting that it urgently provide 5,000 crores – of which about half must now be provided by mid-June. Roy who was present in court said that he always wanted to pay the money and had no intention of defaulting.
The Supreme Court had on April 6 warned the Sahara Group that if it failed to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17 in pursuance of its order, it will be “compelled” to auction its property at the Aamby Valley in Pune, PTI had reported.
The top court had told the group that no extension of time would be granted for depositing the amount.
It had on May 6, 2016 granted a four-week parole to Roy to attend the funeral of his mother. His parole has been extended by the court ever since. Roy was sent to Tihar jail on March 4, 2014.
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