The Sahara – SEBI case

Sahara chief, Subrata Roy, has been told by the Supreme Court to deposit Rs. 709.82 crores till July 4 in the SEBI Sahara Refund Account, remaining amount of the Rs. 1500 crores which was to be paid by June 15.

Bench of Justices Dipak Misra and Ranjan Gogoi, has extended the interim order granting bail to Mr. Roy and said “If the balance amount is not paid by that date, we will be compelled to send the offender to the costody and we are sure he shall not give rise to such an occasion”.

The case was filed by the Market Watchdog SEBI ( Securities Exchange Board of India) against Sahara India Real Estate corporation (SIREC) and Sahara Housing Investment (SHI), along with their chief Subrata Roy and three directors, in 2012, alleging the firms collected money from investors without listing the securities on stock exchanges.

Senior Advocate Kapil Sibal, appearing for Roy, said that of the Rs. 1500 crores, which was to be paid by June 15, the Sahara chief had deposited Rs. 790.18 crores and 10 more working days be granted to him to comply with the undertaking given by him on April 27.

The Bench rejected Mr. Roy’s plea that he be allowed to sell land, admeasuring 87.03 acres in certain villages of Haridwar and Uttarakhand for Rs. 109.75 crores as the amount was 62 percent in the Area. “The said amount is 62 percent of the circle rate and, thereby, less than 38 percent of the circle rate. Permission is sought to sell the property at that rate. We are not inclined to grant the said permission,” the Bench said.

“We think that the said property shall be put to public auction by SEBI with the assistance of approved agency. In the bid, SEBI can mention 90 percent of the circle rate, as some time this court had permitted at that rate,” it said. The auction be conducted by the competent authority of SEBI through approved agency on before July 5, it said.

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