Posted On January 13, 2017 By In Business And 969 Views

Supreme Court rejected Sahara chief Subrata Roy’s plea

The Supreme Court on Thursday rejected Sahara chief Subrata Roy’s plea to extend the deadline beyond February 6 for depositing Rs. 600 crore with Sebi, the capital markets regulator. The Sahara chief, who is out on parole since his mother’s death in May, sought more time for payment, citing demonetisation and economic slowdown.  The Supreme Court had in November asked Mr Roy to deposit Rs. 600 crore by February 6 and warned that in case of failure, he would have to surrender. “This court had given so much indulgence to you and spent so many man hours in your case and the controversy started in 2012 and we had given so many chances and we are in 2017. You have still time to deposit,” the Supreme Court told Kapil Sibal, who is Sahara’s lawyer.  The top court, however, permitted Sahara to transfer Rs. 280 crore lying in its account in London to Sebi. Mr Sibal had earlier referred to Vijay Mallya saying that the absconding industrialist took Rs. 6,500 crore from banks and is “enjoying” whereas Sahara didn’t take even a single rupee from banks.Mr Roy was arrested in March 2014 after Sahara failed to comply with a court order to refund the money raised from millions of small investors who were sold bonds later ruled to be illegal.


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