SC to hear SEBI-Sahara refund case today
February 06, 2017 09:34
The Supreme Court will hear the SEBI-Sahara refund case Monday. The apex court had decided to hear the Sahara refund case on February 6 after Subrata Roy's lawyer Kapil Sibal urged that this matter be advanced. Roy's interim parole will expire Monday.
In a major relief to Roy, the court on November 28, 2016 extended his interim bail and ordered him to pay Rs 600 crore to the Securities and Exchange Board of India by February 6.
During the hearing, Sibal proposed to the three-judge bench, headed by Chief Justice of India Tirath Singh Thakur, that Roy pay Rs 11,000 crore within a period of two-and-a-half years.
His parole was earlier extended till November 28 taking note of the deposit of Rs 200 crores made by him with SEBI in October, as a condition precedent for his release. The apex court had then granted four weeks' custody parole to Roy to perform his mother's last rites.
Roy was in Tihar jail since March 4, 2014, till his mother's death in May 6, 2016, for not complying with the apex court's orders in connection with a long dispute with the market regulator. SEBI had alleged that Roy failed to comply with the 2012 SC order directing him to return investors more than Rs 20,000 crore with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures in 2007 and 2008.
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