News Desk, Amar Ujala, New Delhi
Updated Fri, 20 Nov 2020 4:42 PM IST
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SEBI has said that the contemptor Roy and his two companies – Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd – ‘grossly violated’ various orders of the court regarding depositing all the money collected from investors with interest. Have been.
Securities and Exchange Board of India (SEBI) seeks directions from Supreme Court to take custody of Subrata Roy Sahara for his alleged failure in returning money to investors.
SEBI sought Rs 62,602 crore from Sahara, which it had collected.
— ANI (@ANI) November 20, 2020
The application states that under the order dated 6 May 2016 by the court, which has been extended from time to time, the contemptors are enjoying the release from custody but have made no effort to follow the orders of this court . SEBI has requested the court to direct Sahara to deposit an amount of Rs 62,602.90 crore payable in the SEBI-Sahara refund account as on September 30 this year.
SEBI has said that for failing to do so, the contemptors should be detained as per the instructions given in the June 15, 2015 judgment of the apex court. On August 31, 2012, the apex court had given several instructions to both the companies of Sahara Group to deposit this amount with SEBI to return the money taken from the investors along with 15 percent interest.