In a major blow to Sahara Chief Subrata Roy, the Supreme Court on April 6 ordered that no more time will be given to Roy to deposit Rs 5000 crore. SC said that the date to deposit the amount will not be extended as enough time has been already given to him.
The apex court said that if he now fails to deposit the amount, his Aamby valley township will be auctioned. From a long time a dispute has been going on between Securities and Exchange of India (SEBI) and Roy over the non-payment of money to various investors. The next hearing of the case will take place on April 17.
Roy had earlier appealed the apex court to give him six more months as the selling of his properties is under way but the Court has refused to give him more time.
SEBI-Sahara case: No relief to Subrata Roy for the time being, with SC refusing to extend the time granted to him for depositing the money.
— ANI (@ANI_news) April 6, 2017
Subrata Roy was sent to Tihar jail on March 4, 2014, for not complying with the SC’s orders in connection with a long dispute with the market regulator, SEBI. Roy is out on parole since May 6, 2016 when he was given bail to attend his mother’s funeral. Two companies of Sahara group: Sahara Housing Finance Corp Ltd and Sahara India Real Estate Corp Ltd have collected Rs 17, 400 crore as about three crore investors have invested in the scheme. After SEBI found some irregularities it went to Supreme Court which ordered these two companies of Sahara to return Rs 36, 000 crores to the investors.