Supreme Court to decide on January 9 if Sahara's Subrata Roy can travel abroad

The Supreme Court will decide on January 9 whether Sahara chief Subrata Roy can travel abroad. The Supreme Court had earlier restrained Sahara group from selling any properties and restrained Sahara group chief Subrata Roy and three other top executives from leaving the country without the court's permission.

The Supreme Court has asked the group to hand over title deeds of unencumbered properties worth Rs 20,000 crore to Securities and Exchange Board of India (Sebi).

The Sahara chief had moved Supreme Court saying all documents had been given to Sebi and he may be allowed to go abroad.

In reply to Mr Roy's petition, the Supreme Court asked, "What is the urgency to hear this case?"

Mr Roy's lawyer told court that Subrata Roy had business meetings abroad which included meeting an ex-President of US on December 18 which was later cancelled because Mr Roy could not leave India.

The lawyer assured the court that Mr Roy will be back in India in three days' notice and wanted the court to permit the Sahara chief to travel abroad. Meanwhile, the Supreme Court asked Sebi to verify the property documents.

In September 2012, the Supreme Court ordered Sahara to refund Rs 24,000 crore to millions of small investors. The court had ruled that the finance schemes run by two Sahara companies were illegal - confirming an earlier order by Sebi.