India’s markets regulator Securities and Exchange Board of India (SEBI) has moved the Supreme Court seeking direction to two Sahara firms to pay Rs 62,600 crore in compliance with the court's earlier orders, failing which the group's chief Subrata Roy be taken into custody.
According to a report by NDTV, SEBI said that the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at Rs 62,600 crore, including interest, according to court filings. Roy's liabilities have ballooned from Rs 25,700 crore he was ordered to pay eight years ago.
Sebi said the contemnors, Roy and his two firms are in "gross violation" of various orders passed by the court regarding the deposit of entire monies collected along with the interest. Despite the top court granting various reliefs to Roy and his firms, they have neglected and failed to comply with various orders passed by this court, the Securities and Exchange Board of India (Sebi) said.
The markets regulator said that it would be just, expedient and in the interest of justice that this court pass appropriate orders directing the Saharas to forthwith deposit the balance amount, which was Rs 62,602.90 crore as on September 30 this year, in Sebi-SAHARA refund account.
Failing this, Sebi said, "The contemnors may be directed to be taken into custody" as was directed by the top court in its verdict on June 15, 2015.
The top court on August 31, 2012 in a series of directions had directed that SIRECL and SHICL would refund the amount collected from individual investors or group of investors, with interest of 15 per cent per annum to Sebi, from the date of receipt of the subscription amount till the date of repayment within three months to be deposited in a nationalised bank bearing maximum rate of interest.
Subrata Roy has so far deposited over Rs 15,000 crore, SEBI said in the court filing, reported NDTV.
Meanwhile, The Sahara group has alleged that markets regulator is "acting biased" and is raising a "wrong demand" asking Sahara group to pay Rs 62,600 crore. "It is absolutely wrong demand by SEBI. Hon'ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion," Sahara said in a statement.
"In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment," Sahara group said.
(Inputs from Agencies)