SEBI Moves SC Asking Sahara Group to Deposit Dues of Rs 62,600 Cr
According to SEBI, Sahara’s outstanding dues have ballooned from about Rs 26,000 crores to 62,600 Crore in 8 years.
The Securities and Exchange Board of India (SEBI) has moved the Supreme Court asking it to direct Sahara conglomerate chief Subrata Roy and two of his companies to deposit Rs 62,600 crore that the market regulator says is due to investors, reported news agency Reuters.
SEBI told the apex court that the amount due to investors had had ballooned to Rs 62,600 crore, after Sahara India Parivar and two if its companies allegedly failed to comply with court orders in 2012 and 2015, which had asked it to deposit the amount collected from investors along with 15 percent annual interest.
In 2012, the Supreme Court had found the Sahara group guilty of violating security laws and of having illegally raised about Rs 26,000 core. Eight year’s on, the company’s dues have increased to Rs 62,600 crores.
Sahara Refutes SEBI Claim
Roy, who was arrested in March 2014, after failing to show up at a contempt of court hearing, has denied any lapses on the company’s part and is out on bail since 2016.
SEBI has said that Sahara’s refusal to pay all dues with interest has caused the market regulator "great inconvenience” and that those in contempt of court should be taken into custody if they failed to pay.
SEBI claims that Sahara has only deposited a part of the original principal amount of about Rs Rs 26,000 core that it had collected from investors, the company is yet to deposit the balance with interest, which has caused its outstanding dues to balloon.
Speaking to Reuters, a spokesperson for Sahara claimed that the company had already deposited Rs 220 billion with SEBI, while accusing the market regulator of ‘mischievously’ adding interest on the entire amount.
(With inputs from Reuters)
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