New Delhi: The Supreme Court on Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs. 25,700 crore in the SEBI-Sahara case for
returning investors’ money, warning that “the law will take its own course” now.
Subrata Roy was sent to Tihar Jail by the top court on March 4, 2014 and came out on parole after spending over two years in prison on May 6, 2016 to perform the last rites of his
mother Chhabi Roy. He has been out of prison since then.
The Supreme Court noted that the Sahara group has already deposited around Rs. 20,000 crore in the SEBI-Sahara account which includes Rs. 15,000 crore and Rs. 4,800 crore interest.
A three-judge bench headed by Chief Justice Ranjan Gogoi was irked over the fact that Subrata Roy, who was directed way back in August 2012 to pay around Rs. 25,700 crore, has
been unable to pay the amount despite “several opportunities and indulgence”, and said that now the law will “chart its own course”.
The bench, which also comprised Justices AK Sikri and SK Kaul, did not allow the contention of senior lawyer Vikas Singh, appearing for Subrata Roy, that it was a case of “double
payment” of investors’ money as the dues have already been paid.
The plea of Singh that SEBI be directed to conduct verification of the group’s claims of payments made to investors was rejected by the bench which said that this has been raised
several times in the past.
“You are unable to deposit the money. We will ask whosoever is the person has to appear in person,” the bench said and passed the direction that it is declining the plea for giving more
opportunities to Roy and other directors for making payment of around Rs. 5,000 crore dues.
“We do not see the situation changing. You had sought two years time and now more than two years have passed. You have been given sufficiently long rope,” the bench said.
“The matter has been listed after six months…and what has transpired in six months did not inspire confidence of this court,” the bench said while refusing to grant any more time to the
group for arranging the money.
Besides Subrata Roy, two other directors – Ravi Shankar Dubey and Ashok Roy Choudhary – will have to appear on the next date of hearing.
