New Delhi: The Supreme Court on Friday agreed to consider Sahara group’s refund proposal and asked it to brief the market regulator Sebi about it. Sahara also assured the SC that it will deposit substantial amount” out of Rs 20,000 crore of investors’ money this month and the rest later.
Sahara’s lawyers also sought police custody for Subrata Royand two others on ground that there were problems in getting access to them in judicial custody. At present, Sahara chief Subrata Roy is lodged in Tihar jail.
On March 4, Roy was ordered to remain in custody for a week in Delhi by the Supreme Court which was unhappy that no concrete proposal on the refund of investors’ money was put forward by the company.
Sahara group also pleaded that Subrata Roy and other two directors should be released from custody to raise the refund amount. Sahara also proposed to deposit Rs 2,500 crore within three days and rest of the amount in installments after every three months.
However, Sebi opposed Sahara’s proposal, saying the group intends to pay Rs 17,000 crore but the total due amount is Rs 37,000 crore.
Bureau Report
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