New Delhi/ TIA NEWS
The Supreme Court today asked Sahara Group chief Subrata Roy to deposit another Rs 200 crore by November 28, as it extended its interim order granting him parole till then.
Besides Ray, the parole of his son-in-law Ashok Roy Choudhary and Sahara’s Director Ravi Shankar Dubey too have been extended.
The bench of Chief Justice T.S. Thakur, Justice Anil R. Dave and Justice A.K. Sikri asked Sahara to deposit Rs. 200 crores after senior counsel Kapil Sibal submitted a draft of Rs 215 crore as ordered on September 28.
Sibal said that Sahara was ordered to deposit Rs. 200 crores by September 28 order, instead of Rs. 200 crore they are depositing Rs. 215 crores, thus by November 28, they would deposit Rs. 185 crores only.
The next hearing of the matter would take place on November 28.
Meanwhile in pursuance to September 28 direction, Sahara today submitted a road-map for returning the investors money that according to SEBI stands at about Rs. 36,000 crores. The road-map submitted by Sahara today is spread over 26 month upto December 2018 by which time Sahara propose to refunds the investors’ money.
Sahara group’s two companies – Sahara India real estate corporation (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) – had raised through Optionally Fully Convertible Debenture (OFCDs) money from about 3.3 crores investors in 2008 and 2009.
The apex court by its August 31, 2012, order had directed the SIRECL and SHICL to return investors’ Rs 17,600 crore with 15 per cent interest.
Sibal today informed the court that the road-map that is spread over 26 months have been shared with market regulator SEBI and amicus curiae Shekhar Naphade and there some areas that needs to be discussed.
While allowing a free hand to Sahara to sell their assets, which are not attached, to raise the money, the court asked SEBI to consider the fresh bids willing to pay more money for the five properties that has already been put on block.
Roy was granted parole on May 6 this year to attend the last rites of his mother who had passed away on May 5. Besides Roy, his son-in-law Ashok Roy Choudhary too was released on parole.
Sahara Director Ravi Shankar Dubey was released on parole on July 11.
