SEBI requests Supreme Court to cancel parole of Subrata Roy of Sahara if he fails to pay up Rs 62,600 crore :
20 nov 2020
The Securities and Exchange Exchange Broad of India (SEBI) has filled a petition against the Sahara India chief Subrata Roy to pay up to Rs 62,600 in dues. And also request the court to cancel the parole of Roy's if this money is not paid immediately. SEBI has made it clear that this is the amount pending my Roy's two companies. These liabilities have been growing for the past 8 years ago. In 2012 Supreme Court oder which decided that the Sahara group has violated securities laws and also have raised huge cash illegally. For which Roy had been sent to jail for this act and is out on parole.
SEBI has appointed the former Judge of the Supreme Court, Justice (Retd) and B. N Agrawal to oversee the direction issued my the court are properly and effectively complied with by the SEBI(WTM) from the date of this order.The SEBI plea talks about “three specific directions issued by this Hon’ble Court to be complied with by the Respondents as contained in paras 1,2 and 4.
Such directions are,-
a) Direction No. 1 : Saharas to make all refunds with interest at l5%to SEBI (only) within a period of three months; clearly indicating thereby that the respondents were not allowed to directly settle their liabilities with their investors or group of investors, after the passing of the judgment and order dated 31,08.12;
b) Direction Nos. 2 & 4 : the Respondents herein to furnish, to SEBI, within 10 days from the date of the Judgment and order dated 31.08. 12, the following :
i) the details with supporting documents to establish whether they had refirnded any amount to the persons who had subscribed through RHPs dated 13.3.2008 and 16.10.2009; and
ii) all documents in their custody, particularly, the application forms submitted by subscribers, the approval and allotment of bonds and all other documents, so as to enable SEBI to ascertain the genuineness of the subscribers as well as the amounts deposited