Bench asks Roy to deposit â‚¹ 600 crore by February 6 for repaying duped investors
A new Supreme Court Bench struck a tough note in its maiden hearing of the Sahara-SEBI dispute when it gave the group’s chief, Subrata Roy, an ultimatum to either deposit â‚¹600 crore with the market regulator by February 6 for repaying duped investors or face the prospects of going back to Tihar Jail.
Charges against Subrata Roy
Sahara India Pariwar investor fraud case is the case of the failure of Subrata Roy-led Sahara India Pariwar to return Rs 24,000 crore plus interests to its investors as directed by the Supreme Court of India, after a prolonged legal battle with the Securities and Exchange Board of India.
Timeline of events
The unravelling of this fraud case started in 2010 and it is still in process in the Supreme Court of India as of 2016.
November 2010 – Securities and Exchange Board of India barred Sahara India Pariwar chief Subrata Roy and two of its companies – Sahara India Real Estate Corp (SIREC) and Sahara Housing Investment Corp (SHIC) – from raising money from the public as they had raised several thousand crores through debentures that SEBI deemed illegal.
In 2014, The Supreme Court of India ordered the arrest of Subrata Roy, chairman and founder of Sahara India Pariwar, for failing to appear in court in connection with the Rs. 24,000 crore deposits his company failed to refund to its investors as per a Supreme Court order, after a legal dispute with the Indian market regulator SEBI (Securities and Exchange Board of India).
In March 2015, Supreme Court stated that the total dues from Sahara have gone up to Rs 40,000 crore with the accretion of interest.
In May 2016, Subrata Roy was released on parole from Tihar jail.