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Sahara proposes to pay over Rs 11,000 crore to ensure 'absolute' release of Subrata Roy

Sahara Group presented in the SC a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI

Press Trust of India  |  New Delhi 

he Sahara group chairman Subrata Roy (C) is escorted by police to a court
he Sahara group chairman Subrata Roy (C) is escorted by police to a court

The Group on Monday presented in the a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to and proposed to clear its liability in 21 instalments in two-and-a-half years to ensure "absolute" release of its chief Subrata Roy.

The group submitted the application, along with a payment plan, seeking approval of the apex court and for "absolute" release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey once the amount is paid.



The proposed plan was placed before a bench comprising Chief Justice T S Thakur and Justices Ranjan Gogoi and A K Sikri, which asked and senior advocate Shekhar Naphade, who is assisting as amicus curiae in the matter, to respond to it.

The application also said that Roy and the two directors would give personal undertakings regarding the roadmap and "in the event of three defaults" of payment they would surrender and be taken into custody.

Giving the details, the application filed by India Real Estate Corporation Ltd (SIRECL) and Housing Investment Corporation Ltd (SHICL) through senior advocate Kapil Sibal, proposed to pay Rs 1,000 crore in equal instalments of Rs 200 crore by March 2017.

It proposed to repay Rs 2,700 crore by December next year in equal instalments of Rs 300 crore each month April onwards.

It would repay Rs 6,000 crore in six equal instalments between January 2018 and April 2019, and the remaining amount of Rs 1,436.68 crore would be cleared by July 2019.

On the Refund Account, the application said that pursuant to an apex court order, Rs 11,001.40 crore has been credited to it from time to time while the liability was Rs 24,029.73 crore.

"By deducting Rs 11,001.40 crore from Rs 24,029.73 crore, the alleged liability according to Securities and Exchange Board of India (SEBI) would be Rs 13,028.33 crore," it said while calculating the outstanding amount to be paid to at Rs 11,136.68 crore.

It said that it does not take into account the repayments made by the group to investors by cheques to the tune of Rs 1,165.68 crore and TDS deducted and deposited with Income Tax department at Rs 725.97 crore.

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Sahara proposes to pay over Rs 11,000 crore to ensure 'absolute' release of Subrata Roy

Sahara Group presented in the SC a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI

Sahara Group presented in the SC a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI The Group on Monday presented in the a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to and proposed to clear its liability in 21 instalments in two-and-a-half years to ensure "absolute" release of its chief Subrata Roy.

The group submitted the application, along with a payment plan, seeking approval of the apex court and for "absolute" release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey once the amount is paid.

The proposed plan was placed before a bench comprising Chief Justice T S Thakur and Justices Ranjan Gogoi and A K Sikri, which asked and senior advocate Shekhar Naphade, who is assisting as amicus curiae in the matter, to respond to it.

The application also said that Roy and the two directors would give personal undertakings regarding the roadmap and "in the event of three defaults" of payment they would surrender and be taken into custody.

Giving the details, the application filed by India Real Estate Corporation Ltd (SIRECL) and Housing Investment Corporation Ltd (SHICL) through senior advocate Kapil Sibal, proposed to pay Rs 1,000 crore in equal instalments of Rs 200 crore by March 2017.

It proposed to repay Rs 2,700 crore by December next year in equal instalments of Rs 300 crore each month April onwards.

It would repay Rs 6,000 crore in six equal instalments between January 2018 and April 2019, and the remaining amount of Rs 1,436.68 crore would be cleared by July 2019.

On the Refund Account, the application said that pursuant to an apex court order, Rs 11,001.40 crore has been credited to it from time to time while the liability was Rs 24,029.73 crore.

"By deducting Rs 11,001.40 crore from Rs 24,029.73 crore, the alleged liability according to Securities and Exchange Board of India (SEBI) would be Rs 13,028.33 crore," it said while calculating the outstanding amount to be paid to at Rs 11,136.68 crore.

It said that it does not take into account the repayments made by the group to investors by cheques to the tune of Rs 1,165.68 crore and TDS deducted and deposited with Income Tax department at Rs 725.97 crore.
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Business Standard
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Sahara proposes to pay over Rs 11,000 crore to ensure 'absolute' release of Subrata Roy

Sahara Group presented in the SC a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI

The Group on Monday presented in the a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to and proposed to clear its liability in 21 instalments in two-and-a-half years to ensure "absolute" release of its chief Subrata Roy.

The group submitted the application, along with a payment plan, seeking approval of the apex court and for "absolute" release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey once the amount is paid.

The proposed plan was placed before a bench comprising Chief Justice T S Thakur and Justices Ranjan Gogoi and A K Sikri, which asked and senior advocate Shekhar Naphade, who is assisting as amicus curiae in the matter, to respond to it.

The application also said that Roy and the two directors would give personal undertakings regarding the roadmap and "in the event of three defaults" of payment they would surrender and be taken into custody.

Giving the details, the application filed by India Real Estate Corporation Ltd (SIRECL) and Housing Investment Corporation Ltd (SHICL) through senior advocate Kapil Sibal, proposed to pay Rs 1,000 crore in equal instalments of Rs 200 crore by March 2017.

It proposed to repay Rs 2,700 crore by December next year in equal instalments of Rs 300 crore each month April onwards.

It would repay Rs 6,000 crore in six equal instalments between January 2018 and April 2019, and the remaining amount of Rs 1,436.68 crore would be cleared by July 2019.

On the Refund Account, the application said that pursuant to an apex court order, Rs 11,001.40 crore has been credited to it from time to time while the liability was Rs 24,029.73 crore.

"By deducting Rs 11,001.40 crore from Rs 24,029.73 crore, the alleged liability according to Securities and Exchange Board of India (SEBI) would be Rs 13,028.33 crore," it said while calculating the outstanding amount to be paid to at Rs 11,136.68 crore.

It said that it does not take into account the repayments made by the group to investors by cheques to the tune of Rs 1,165.68 crore and TDS deducted and deposited with Income Tax department at Rs 725.97 crore.

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