SEBI strikes SC for cost of Rs 62,000 crore from two Sahara corporations, needs Subrata Roy in custody if not paid

Tribune News Service

New Delhi, November 20

The Securities and Exchange Board of India (SEBI) has moved the Supreme Court seeking direction to two Sahara companies to shell out Rs 62,602 crore in compliance with its earlier orders.

Sahara chief Subrata Roy should be taken into custody if his companies failed to pay the money, SEBI demanded.

The markets regulator alleged that despite various reliefs given by the top court, Roy and his two firms– Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) – have grossly violated its orders for depositing of entire monies collected along with the interest.

In its November 18 plea, SEBI said the “contemnors have not been complying with the orders passed by this Court despite the long rope provided to them” and their liability is increasing daily.

“The contemnors are enjoying their release from custody’ as granted by this court vide order dated May 6, 20l6, further extended by this Court from time to time ‘without even any attempt at compliance with the orders passed by this Court, it said.

It would be just, expedient and in the interest of justice that this court pass appropriate orders directing the Saharas to forthwith deposit the balance amount, which was Rs 62,602.90 crore as on September 30 this year, in SEBI-SAHARA refund account, SEBI said.

The top court had on August 31, 2012, directed that SIRECL and SHICL would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to SEBI, from the date of receipt of the subscription amount till the date of repayment within three months to be deposited in a nationalised bank bearing maximum rate of interest.

The SEBI said in terms of the 2012 order of the top court, Sahara firms have till date deposited Rs 15,455.70 crore which has been invested in fixed deposits of various nationalised banks and as on September 30, 2020, the total amount along with interest earned in SEBI-Sahara refund account is Rs 22,589.01 crore.

Out of the total outstanding principal liability of Rs 25,781.32 crore, SEBI has realised only Rs 15,455.70 crore from Saharas and from sale of properties of the group, it submitted.

The balance Rs 10,325.62 crore (principal amount) is still to be paid by Saharas and as on September 30, 2020, total net liability of Saharas was Rs 62,602.90 crore taking into consideration interest at Rs 15 per cent in terms of directions of this court dated August 31, 2012, it said.

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