You are here: Home » Current Affairs » News » National
Business Standard

Sahara case: SC denies Subrata Roy deadline extension for Rs 552-cr payment

SC cautioned that Roy's cheque of Rs 552.21 cr must be realised within the July 15 deadline

Press Trust of India  |  New Delhi 

Subrata Roy
Subrata Roy (Photo: Wikipedia)

The Supreme Court on Wednesday noted that embattled Sahara chief has deposited Rs 710.22 crore in the SEBI-Sahara account, but warned that its cheque of Rs 552.21 crore must be realised within the July 15 deadline.

The rejected Roy's request to extend time beyond July 15 for realisation of this cheque.


Roy had earlier told the court that he will pay Rs 1,500 crore on or before June 15 and Rs 552.22 crore exactly a month thereafter.

However, he had paid Rs 790.18 by June 15 and was granted 10 more days till July 4 for payment of Rs 709.82 crore by a bench headed by Justice Dipak Misra.

The today noted that Sahara has deposited a total of Rs 1500.40 crore and now Rs 9,000 crore remained due on the principal of Rs 24,000 cr.

The bench also made it clear that it would not extend beyound July 15 the deadline for depositing Rs 552.21 crore and warned that appropriate action will be taken if the cheque is not realised.

The court also accepted the terms and conditions and the draft proclamation, prepared by Vinod Sharma, the official liquidator of the Bombay High Court, for auction of at Sahara's

Earlier, the court had extended till July 4 the time to deposit Rs 709.82 crore, out of Rs 1,500 crore which was to be paid by June 15.

Prior to this, the court was irked over non-submission of and had decided to sell off Rs 34,000 crore worth of of the at the

Roy has spent almost two years in jail and been on parole since May 6 last year. The parole was granted the first time to enable him to attend the funeral of his mother. It has been extended since then.

Besides Roy, two other directors - Ravi Shankar Dubey and Ashok Roy Choudhary - were arrested for failure of the group's two companies - Sahara India Corporation (SIRECL) and Sahara Housing Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. Director Vandana Bhargava was not taken into custody.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Wed, July 05 2017. 18:59 IST
RECOMMENDED FOR YOU