Regulator SEBI Moves SC For Payment of ₹ 62,600 Crore From Subrata Roy
The Securities and Exchange Board of India (SEBI) has moved the Supreme Court for a payment of ₹ 62,600 crore from tycoon Subrata Roy. The securities regulatory body asked the Apex court to cancel his parole if he fails to make the payment.
Eight years ago, Roy’s liabilities was ₹ 25,700 crore, which is now estimated to be ₹ 62,600 crore with due interest.
In 2012, the Supreme Court had said in a judgement that Roy’s Sahara group had violated the securities laws to illegally raise over $3.5 billion. The court had sent Roy to jail after Sahara firms failed to pay up the investors’ amount, which was raised in cash from the millions of Indians.
In response to SEBI’s demand of ₹ 62,600 crore, the Sahara group issued a statement, saying: “It is absolutely wrong demand by SEBI”.
The statement added that SEBI has “mischievously” added an interest of 15 percent over the amount that the Sahara group has already paid back to the investors.
Roy had once sponsored the national cricket team and owned many financial companies besides a formula one team and plush hotels in London and New York. Since 2016, Roy is out on parole after staying in jail for over two years.
According to SEBI, Roy has so far deposited over ₹ 15,000 crore. The Apex court is yet to decide on the date of the next hearing.
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