Subrata Roy Sahara Latest News: As per the latest court filings, Subrata Roy‘s liabilities increased from Rs 25,700 crore, that he was ordered to pay in 2012, to the current amount.
Subrata Roy Sahara Latest News: He needs to pay Rs 62,600 crore
The Securities Exchange Board of India (SEBI) has filed a case in the Supreme Court, saying that the Sahara chief needs to pay Rs 62,600 crore (8.43 billion USD) immediately to avoid getting his parole cancel.
According to a report by Bloomberg, the SEBI said that the outstanding liability of the two companies associated with Sahara India Parivar Group and its chief Subrata Roy Sahara accounted for Rs 62,600 crore, including the interests.
As per the latest court filings, Subrata Roy Shara’s liabilities surged from Rs 25,700 crore, that he was ordered to pay in 2012, to the current amount.
However, the Sahara group has termed the market regulator’s demand ‘wrong’ and, in an emailed statement, said that the SEBI has ‘mischievously’ added 15 per cent interest on the existing liabilities. The company also said that this is a case of double payment as the two companies of Sahara group have already paid back the investors.
“It is absolutely wrong demand by SEBI. It has “mischievously” added 15 per cent interest and it is a case of double payment as the companies have already paid back the investors”, Sahara India Parivar said in the statement.
The Supreme Court in 2012 pronounced the judgement in the case and said that the Sahara group companies violated the securities law and raised over 3.5 billion USD illegally.
The Sahara group said that the money was raised from lakhs of Indian who could not avail banking services. During the probe, the SEBI failed to trace the investors and when Sahara companies failed to pay the amount, the top court sent him to jail.