Subrata Roy, founder and chairman of Sahara Group, in Lucknow, India (Photographer: Prashanth Vishwanathan/Bloomberg)

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

The embattled Sahara Group told the Supreme Court on Friday that 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 TS Thakur that the roadmap has been shared with market regulator Securities and Exchange Board of India 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 SEBI, while extending the parole of Roy and others till October 24 on payment of Rs 200 crore.

Senior advocate Kapil Sibal, appearing for the group, today told the bench, which also comprised Justices AR Dave and AK 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.

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 yesterday 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.