new Delhi: The Securities and Regulations Board of India (SEBI) has filed a petition in the Supreme Court requesting that the court order Subrata Roy, Chief of Sahara Group and his two companies to deposit around 62 thousand crore rupees ($ 8.4 billion). Let the Sahara Group owe this rupee to investors. SEBI has also appealed in its petition that if Subrata Roy is not able to deposit the money then he should be taken in custody.
The court ordered in 2012 and 2015 that Sahara Group will have to deposit all the investors’ money with SEBI with 15% interest. SEBI said that even after 8 years, this group is not following the orders of the court.
Sahara Group is in dispute with SEBI over thousands of crores of investors. The Sahara Group raised this money through a bond scheme. These schemes were later ruled illegal. At the same time, Subrata Roy claims that he has not done anything wrong. Subrata Rai was arrested in 2014 for contempt of court. Since 2016, he is running out of jail on bail.
What does SEBI sayThe
In the court, SEBI has said that Sahara has not done anything to follow orders. On the other hand, the liability of the contemptors is increasing and they are enjoying after their release from custody. SEBI also said that Sahara Group has deposited only a part of the principal amount. The outstanding amount including interest is about 62 thousand crores.
What to say about Sahara GroupThe
Sahara Group says that we are following the orders of the Supreme Court. Sahara Group has also claimed that it has given 22 thousand crore rupees to SEBI, but SEBI has given only 106.10 crore rupees to investors.
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