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SC denies extra time to Subrata Roy to deposit Rs.600 cr

SNS | New Delhi |

In a blow to Sahara chief Subrata Roy, the Supreme Court on Thursday refused to extend the February 6 deadline given to the beleagured business tycoon to deposit Rs.600 crore and instead threatened to send him back to jail.

“If Sahara Chief does not pay the amount by Feb 6, he shall commit himself to jail,” the apex court observed.

Citing demonetisation and economic slowdown, Roy had sought an extension to pay the amount which will help him stay out of jail on parole.

The SC had on Nov 28, 2016 asked Roy to deposit Rs.600 by February 6 next year as the group submitted the road map for returning Rs 11,036 crores in two and half years.

The Sahara Group has submitted a roadmap for returning the investors' money that according to SEBI stands at about Rs 36,000 crore. The roadmap submitted by Sahara on Friday is spread over 26 months up to December 2018, by which time Sahara proposes to refund the investors' money.

The Sahara Group's two companies — Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) — had raised through Optionally Fully Convertible Debenture (OFCDs) money from about 3.3 crore investors in 2008 and 2009.

The apex court by its August 31, 2012, order directed the SIRECL and SHICL to return the investors' Rs 17,600 crore with 15 per cent interest.

Subrata Roy, Ashok Roy Choudhary and Ravi Shankar Dubey were sent to judicial custody to Tihar Jail on March 4, 2014, for the failure of SIRECL and SHICL to comply with the court's August 31, 2012 order on repayment of depositors' money.