Supreme Court Refuses To Extend Sahara’s Deadline For Payment Of Rs 552 Crore
Sahara’s commitment to deposit Rs 1,500 crore into SEBI account is now complete.
The Supreme Court on Wednesday dismissed Sahara’s plea seeking an extension to make its next payment of Rs 552 crore in the SEBI-Sahara account.
The Subrata Roy-led group deposited Rs 700 crore on Wednesday, thereby fulfilling its commitment to pay Rs 1,500 crore by July 5, albeit after being granted a 10-day extension. Sahara now needs to pay another Rs 552 crore by July 15.
Sahara counsels, Senior Advocates Mukul Rohagti and Kapil Sibal, sought extension of this deadline till August 30 but the bench of justices Dipak Misra, Ranjan Gogoi and AK Sikri declined the request.
Roy’s bail has been extended till July 20, which is also the next date of hearing.
In the hearing on April 27, Sahara had given two post-dated cheques: one of Rs 1,500 crore dated June 15 and other of Rs 500 crore dated July 15.
In this ongoing SEBI-Sahara case, the Supreme Court in April 2012, had ordered two Sahara companies to refund a total of Rs 24,000 crore, along with 15 percent interest, to more than two crore small investors who had invested in their optionally-fully convertible debentures (OFCDs) between 2008 and 2011.
Roy, who set up a multi-million dollar business conglomerate, was sent to jail on March 4, 2014 for failing to pay a sum of Rs 10,000 crore as ordered by the court. The court then said that Roy will not be released from jail until he was able to raise half the amount in cash and the other half in the form of bank securities.
However, on account of Roy’s mother’s demise in May last year, the apex court permitted his release on parole. The interim arrangement has continued since then subject to Sahara’a payment of the court-directed amount.