New Delhi: The Supreme Court on January 12 told Sahara Group chief Subrata Roy to deposit Rs 600 crore more in a SEBI-Sahara refund account by February 6 or go to jail.
A bench comprising Chief Justice JS Khehar and Justices Ranjan Gogoi and AK Sikri also said that “too much indulgence” has already been given to the Sahara chief.
Sahara has, so far, returned a total of Rs 18,000 crores to its investors.
The bench, initially, asked the Sahara chief to deposit Rs 1,000 crore with market regulator SEBI in two months or it will appoint a receiver. It later reduced the money to be deposited to Rs 600 crore+by February 6, 2017.
Market regulator Sebi earlier said that Sahara Group was liable to pay Rs 37,000 crore with interest, of which the principal amount payable was Rs 24,000 crore.
The Sahara chief was sent to jail+ on May 4, 2014, for his failure to comply with a 2012 order directing him to return investors’ Rs. 17,600 crores with 15 percent interest, which his two companies Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures in 2007 and 2008.
Roy has been directly charged in the case pertaining to non-refund of nearly Rs 20,000 crores to investor.