The Indian market regulator has filed a petition in Supreme Court and asked it to direct Sahara Group Chairperson Subrata Roy to pay $8.43 billion or Rs 62,600 crore immediately to stay out of jail.
The Securities and Exchange Board of India (Sebi) also requested the court to cancel Subrata Roy’s parole if the payment is not made immediately.
Sebi has said the Sahara India Parivar’s two companies ad Roy’s outstanding liability stands at Rs 62,600 crore including interest. It may be noted that Roy’s liabilities have surged sharply from the Rs 25,700 crore he was ordered to pay almost eight years ago.
In 2012, the top court said in its ruling that Sahara group of companies had violated securities laws and illegally raised over $3.5 billion. The group raised cash in from millions of Indians who could not avail banking facilities.
In fact, Sebi could not trace the investors, following which Roy’s group was asked to repay investors. On failure to pay up, the court had sent Roy to jail.
According to Bloomberg, the Sahara Group said in an emailed statement that the demand made by Sebi is “wrong”. The statement alleged that Sebi had “mischievously” added 15 per cent interest and it is a case of double payment as the company has already paid back investors.