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Ready With Roadmap To Deposit Rs 12,000 Crore By December 2018: Sahara

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Ready With Roadmap To Deposit Rs 12,000 Crore By December 2018: Sahara

The bench continued with the interim bail granted to Sahara Group chief Subrata Roy till November 28.


New Delhi: Embattled Sahara Group on Friday told the Supreme Court it was ready with a roadmap to deposit the remaining amount of Rs 12,000 crore in the Sebi-Sahara account by December 2018 to be refunded to the investors.

The group told a bench headed by Chief Justice T S Thakur that the roadmap has been shared with the Securities and Exchange Board of India (Sebi), and amicus curiae and senior advocate Shekhar Naphade.

The bench then continued with the interim bail and other arrangements granted to Sahara Group chief Subrata Roy till November 28.

Earlier, the top court had said it had been "taken for a ride" by the Sahara group through its past conduct and had directed it to submit a roadmap to pay the balance amount of Rs 12,000 crore to market regulator Sebi, while extending the parole of Mr Roy and others till October 24 on payment of Rs 200 crore.

Senior advocate Kapil Sibal, appearing for the group, on Friday told the bench, which also comprised Justices A R Dave and A K Sikri, that they have deposited Rs 200 crore with Sebi in pursuance to an earlier apex court direction.

The bench said Sahara has to deposit another Rs 200 crore by November 28 so that the interim arrangement could continue.

Mr Sibal said the group was ready with Rs 15 crore and the remaining amount of Rs 185 crore would be deposited by the next date of hearing.

The court also allowed the group to re-auction certain properties in Ajmer, Firozabad, Vellore, Tiruchirappalli and Ujjain for which the bidding was at a much higher price.

The bidding could not be taken to the logical conclusion at that time due to some legal impediments because of income tax issues.

The group had on Thursday told the apex court that it would deposit Rs 200 crore with Sebi in pursuance of the earlier direction and had sought advancement of hearing in the case.

The apex court had on September 28 asked Sahara to deposit another Rs 200 crore by October 24 while extending the interim order releasing Mr Roy and two other directors on parole.

It had said Sahara had not disclosed earlier that out of the list of 60 properties given to Sebi for sale, 47 were provisionally attached by the Income Tax Department.

During the earlier hearing, senior advocate Arvind Datar, appearing for Sebi, had said that Sahara group was liable to pay Rs 37,000 crore with interest to the market regulator, of which the principal amount payable was Rs 24,000 crore.

Sahara has paid Rs 10,918 crore out of Rs 24,029 crore raised from investors, he had said then.

While extending the parole of Mr Roy and two directors - Ashok Roy Choudhary and Ravi Shankar Dubey - till October 24, the bench had directed the group to deposit Rs 200 crore by then, failing which they would be committed to jail.


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