SC pulls up Sahara for delay in repaying Sebi

The Supreme Court on Wednesday expressed concern over the slow pace of repayment by the Sahara group chief towards the principal sum of Rs 24,000 crore to market regulator Sebi.

Extending the parole granted to Sahara boss Subrata Roy by directing him to pay Rs 300 crore by September 16, a three-judge bench wondered how much time the group will take to repay the full amount.

The bench, presided over by Chief Justice T S Thakur, said the group claimed to have properties worth over Rs 1.87 lakh crore, but wanted to pay just Rs 200 crore per month.

The poser from the bench came as senior advocate Kapil Sibal, representing Roy, submitted that he would pay Rs 200 crore by the end of September.

“You are already out on bail. You should show your bonafide that during the period you utilised the time to raise the money...If you are planning to repay in this fashion (at Rs 200 crore per month), you will take 10 years to deposit the total money,” the bench, also comprising Justices Anil R Dave and A K Sikri, told the counsel.

Sibal submitted that Sahara’s business was improving and it would take a year-and-a-half to repay the full amount. He also submitted that Canara Bank has assured to give the bank guarantee of Rs 5,000 crore on paying a margin amount of Rs 1,500 crore, and sought a free hand in selling the properties.

“We have already given you a free hand. There is no handcuff,” the bench said, adding, “We are tired of all these games.”

Senior advocate Arvind Datar, appearing for Sebi, said the group claimed that it could repay the money only by selling its Ambey Valley project. Sibal countered the plea, saying Sebi wanted to take away its “hen that lays golden eggs”.
To this, the bench said, “We are only interested in the eggs.”