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  Business   Companies  29 Nov 2016  Sahara boss’ parole extended

Sahara boss’ parole extended

THE ASIAN AGE.
Published : Nov 29, 2016, 6:41 am IST
Updated : Nov 29, 2016, 6:41 am IST

Sebi informed the court that of the 60 properties put up for auction, a list of 47 properties had been attached by I-T.

Sahara Chief Subrata Roy. (Photo: PTI)
 Sahara Chief Subrata Roy. (Photo: PTI)

New Delhi: In a relief to Sahara group chief Subrata Roy, the Supreme Court on Monday extended his parole till February 6, 2017 on a condition that he deposits of Rs 600 crores with Sebi towards the total dues of about Rs 25,000 crores.

The court warned that Mr Roy, who came out on parole in May this year after his mother’s death, will have to go back to jail if the payment is not made within the time limit.

A bench of Chief justice T.S. Thakur and Justices Ranjan Gogoi and A.K. Sikri passed this order after senior counsel Kapil Sibal, appearing for Mr Roy informed the court that as per the latest order passed on October 21, a total of Rs 1000 cr had been deposited with Sebi and that Sahara had furnished a road map for payment of remaining amounts in two and half years till 2019. He said Sahara will pay Rs 200 crores till April 2017 and then Rs 1,000 crores every three months.

Mr Sibal said though Sahara is disputing the figure of Rs 24,000 crores, yet it was giving the road map. He drew the court’s attention that Sahara had so far deposited more than Rs 12,000 crores with Sebi. He said the road map was being furnished in consultation with Sebi.

Senior counsel Arvind P. Datar for Sebi, however, said Sebi had not given its consent for the scheme and would leave it to the court for its acceptance.

Sebi informed the court that of the 60 properties put up for auction, a list of 47 properties had been attached by I-T and wanted that the auction conducted in respect of five properties be ratified so that the sale could be completed.  Mr Sibal told the court that since the properties were being sold by Sebi, Sahara was not getting the market price and as a result properties are sold for a lesser value.

Tags: sahara group, subrata roy, supreme court, sebi