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Sebi-Sahara case: SC warns Subrata Roy to repay or ready to go to Tihar jail

Subrata Roy Undertook In The Supreme Court To Pay Rs 1,500 Crore In SEBI-Sahara Account On Or Before June 15.

News Nation Bureau | Edited By : Vikas Mehta | Updated on: 27 Apr 2017, 04:51:26 PM
SC warns Subrata Roy to repay or ready to go to Tihar jail

New Delhi:

The Supreme Court on Thursday warned Sahara boss Subrata Roy, saying that if the latter fails the deposited cheque in the Apex Court to relieve by June 19 in the account of Sebi-Sahara, he would be sent to Tihar jail.  The court also extended Roy's parole til June 19.

While appearing before the Apex court in compliance of its order, Subrata Roy gave an undertaking to a bench headed by Justice Dipak Misra to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15 and another payment of Rs 552.22 crore by July 15 inthe SEBI-Sahara account and filed an affidavit.  The Apex court also warned Sahara that Aamby Valley will be auctioned if payments are not made within the deadline. The Sahara chief submitted two post dated cheques of around 2050 crores in his obligation to repay to Sebi.  

On April 21, a SEBI court had cancelled its non-bailable arrest warrants against Sahara chief Subrata Roy and three of his group firms’ directors after they had appeared before it in a case filed by the SEBI against them.

The bench, which also comprised Justices Ranjan Gogoi and A K Sikri, also ordered the arrest of Chennai-based PrakashSwamy, who failed to deposit Rs 10 crore as per the last order.

He will serve one month jail for contempt of court. Swamy had filed an affidavit on behalf a foreign firm expressing his intent to buy Sahara's New York-based hotel.He had failed to comply with the apex court's direction to show his bonafide by depositing the amount in court to establish his intention to buy the property.

The bench allowed the Sahara group to make electronic payment through RTGS in the Sebi-Sahara account on or beforeJune 15.

The apex court also asked Roy to remain personally present on June 19, the next date of hearing. It asked the Official Liquidator of Bombay High Court to prepare terms and conditions for auctioning the Aamby Valley property for its approval on June 19. (With PTI Inputs) 

Also Read: Supreme Court rejects Subrata Roy’s plea seeking more time to pay Rs 600 crore to Sebi

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First Published : 27 Apr 2017, 03:53:00 PM