Sebi Seeks Directions From Supreme Court To Take Custody Of Subrata Roy, Sought Rs 62,602 Crore From Sahara – order from Subbi’s Supreme Court, order Subrata Roy to deposit Rs 62602 crore


News Desk, Amar Ujala, New Delhi
Updated Fri, 20 Nov 2020 4:42 PM IST

Read Amar Ujala e-paper
anywhere anytime.

*Yearly subscription for just ₹299 Limited Period Offer. HURRY UP!

Listen to the news

The Securities and Exchange Board of India (SEBI) has filed a petition in the Supreme Court directing the payment of Rs 62,602.90 crore from two Sahara group companies. SEBI has said that Subrata Roy, the head of Sahara Group, should be detained if these companies fail to pay this amount following the earlier court orders.

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.

SEBI has said that despite several times being granted relief to Subrata Roy and his companies, they have defied the orders of this court and failed to comply with them. In an application filed on November 18 to intervene in the pending court case, SEBI said that ‘contemptors are not complying with the orders of this court despite prolonged relaxation’ and their liabilities are increasing daily.

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.

The Securities and Exchange Board of India (SEBI) has filed a petition in the Supreme Court directing the payment of Rs 62,602.90 crore from two Sahara group companies. SEBI has said that Subrata Roy, the head of Sahara Group, should be detained if these companies fail to pay this amount following the earlier court orders.

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.

SEBI has said that despite several times being granted relief to Subrata Roy and his companies, they have defied the orders of this court and failed to comply with them. In an application filed on November 18 to intervene in the pending court case, SEBI said that ‘contemptors are not complying with the orders of this court despite prolonged relaxation’ and their liabilities are increasing daily.

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.




www.amarujala.com

Leave a Comment