On 25th July, 2017, The Supreme Court, in the matter of the Sahara Case, held by that the defaulter, Mr. Subroto Roy was liable to pay Rs 1,500 to SEBI, on or before 7th September, 2017.
The SEBI had registered a case against Sahara India Real Estate Corporation, Sahara Housing Investment, their promoter Subrata Roy and the three directors in 2012, alleging that these companies had collected a huge sum of money from investors without listing the securities on the stock exchanges.
The three-judge bench headed by Justice Dipak Misra was informed that the Sahara chief had deposited Rs 247 crore as against the promised amount of Rs 552.21 crore which was to be deposited in the refund account by 15 July and the balance amount of Rs 305.21 crore out of the Rs 552.21 crore would be deposited by 12 August. However the Hon’ble Court rejected the plea and passed the aforementioned order.
Mr. Subroto Roy has spent almost two years in jail and has been out on parole since May 6 last year. The Hon’ble Court stated that: “We are absolutely disinclined to request for extending time. SEBI is directed to produce the cheque in the relevant account. If dishonored, the contemnor shall face the consequences.”
“The principal amount he has to pay is Rs 9,000 crore. At this rate of Rs 400-500 crore, it will take a lifetime. Sell Aamby Valley. Finish it,” said Justice Ranjan Gogoi.
Besides Mr. Roy, two other directors, Mr. Ravi Shankar Dubey and Mr. Ashok Roy Choudhary were arrested for failure of the group’s two companies, namely, Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) and 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.