Deposit Rs 600 crore or surrender, apex court tells Sahara chief

The Supreme Court on Monday directed Sahara group chief Subrata Roy to deposit Rs 600 crore by February 6 or he would have to surrender.

A three-judge bench presided over by Chief Justice T S Thakur passed its direction while observing that if the group failed to repay the amount due on it, the court may appoint a receiver to sell its properties, as senior advocate Kapil Sibal, appearing for Roy, submitted that the group would be able to repay the remaining 11,000 crore in the next two-and-half years.

The bench, initially, asked Sibal to deposit Rs 1,000 crore with market regulator Sebi in two months but later reduced the money to be deposited to Rs 600 crore till February 6, 2017. Maintaining that the group has deposited about Rs 11,000 crore, Sibal filed a fresh repayment plan to the court.

The court, on its part, asked senior advocate Arvind Datar, appearing for the Sebi, and senior advocate Shekhar Naphade, the amicus curiae, to file their response, explaining if the group was entitled for any concession.

“The case, pending since 2012, has a history. What is there that entitles the group for any concession or what is there that disentitles it from any concession,” the court asked.

“The group claimed it has assets to the tune of Rs 1.87 lakh crore but it did not come to your rescue,” the court told Sibal, asking him how much money was deposited by Roy after he came out of jail following the death of his mother.

“I have deposited Rs 1,200 crore after that,” Sibal responded, adding that as per the Sebi, the dues are to the tune of Rs 14,000 crore.

The court also directed the group not to sell its properties below 90% of the circle rate without its prior permission.