Supreme Court verdict on  Subrata Roy  likely today

New Delhi : The Supreme Court is likely to pronounce, on Friday, the verdict that will decide the fate of Sahara chief Subrata Roy and two group directors who are in jail since March 4 last year for not complying with the court’s order to return investors’ Rs.24,000 crores that two group companies SIRECL and SHFCL had collected in 2007-2008.

A bench of Justice T.S.Thakur, Justice Anil R. Dave and Justice A.K.Sikri had, on May 14, reserved its order on Roy’s plea to be released from custody for six weeks coupled with the lifting of restriction to deal with his 72 properties so that he could place before court the plan for the return of investors’ money.

The court reserved its order on the conditions that would accompany the acceptance of the bank guarantee of Rs.5,000 cr for the payment of the balance amount of the investors money, which, according to market regulator SEBI, has now swelled upto Rs 39,000 cr on account of interest liabilities. Besides this, the court had reserved its order on at what point of time the failure of Sahara to return investors money would result in the encashment of the bank guarantee of Rs.5,000 crore.

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Free Press Journal