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Subrata Roy must pay Rs 62,600 crore to avoid jail: SEBI at Supreme Court

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According to the latest court filings, Subrata Roy Shara’s liabilities have increased from Rs 25,700 crore, which he was ordered to pay in 2012, to the current amount.

Updated: Fri, November 20, 2020 02:08 PM IST

New Delhi | Jagran Business Office: Tightening the noose on Subrata Roy Sahara, the Securities Exchange Board of India (SEBI) filed a plea in the Supreme Court, claiming that the leader of the Sahara must immediately pay Rs 62,600 crore (USD 8.43 billion) to avoid cancel his parole.

According to a Bloomberg report, SEBI said the unpaid liability of the two companies associated with the Sahara India Parivar group and its leader Subrata Roy Sahara amounted to Rs 62,600 crore, including interest. According to the latest court filings, Subrata Roy Shara’s liabilities have increased from Rs 25,700 crore, which he was ordered to pay in 2012, to the current amount.

However, the Sahara group called the market regulator’s request “ bogus ” and, in an emailed statement, said SEBI had “ maliciously ” added 15% interest on liabilities existing. The company also said it was a case of double payment because the two Sahara group companies have already reimbursed the investors.

This is an absolutely wrong request on the part of SEBI. He mischievously added 15 percent interest and this is a case of double payment because companies have already reimbursed investors, ”Sahara India Parivar said in the statement.

The Supreme Court in 2012 delivered the verdict in the case and declared that the Sahara group companies had violated securities law and illegally raised over USD 3.5 billion. The Sahara group said the money was collected from lakhs of Indians who could not benefit from banking services. During the investigation, the SEBI failed to trace the investors and when the Sahara companies failed to pay the amount, the higher court sent him to jail.

In addition, the Sahara has so far deposited over 15,000 crore rupees with the market regulator. Subrata Roy Sahara, who also appeared in Netflix’s Bad Boy Billionaires, is the story of a fallen business mogul in India who has fallen prey to India’s efforts to prey on the rich and famous who don’t have not paid their dues. Subrata Roy Sahara remained in prison for two years and has been on parole since 2016.

Posted by: Talib Khan

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