Pay Rs 1,500 cr by June 15, or go to jail, SC warns Subrata Roy

Apex court warns Roy he will be sent back to Tihar if cheque is dishonoured

 subrata-roy-re
#COMPANIES | Sahara chief Subrata Roy has been able to buy some time, with the Supreme Court on Thursday accepting his offer to pay Rs 2,500 crore to investors by July 15. However, the apex court warned Roy of dire consequences if the cheque was dishonoured.

While hearing a case involving embattled Sahara conglomerate chief Subrata Roy and the Securities and Exchange Board of India (Sebi) over a dispute about returning money to its investors, the court warned Roy he would be sent to Tihar jail in case the cheque was not honoured.

Last Friday, a special Securities and Exchange Board of India (Sebi) court had quashed a non-bailable warrant issued against Roy as he appeared before the court.

The warrant was also quashed on an assurance from Roy that he will appear in all hearings now as the court asked him to submit an undertaking for the same.

The next hearing in this matter will take place on May 18 when the argument on framing of charges will begin.

The apex court earlier on April 17 ordered the auction of Sahara’s Aamby Valley over the business conglomerate’s alleged failure to deposit money for refunding to its investors.

The top court ordered the selling of 34,000 crore rupees worth of Sahara properties and directed its chief Subrata Roy to appear before it on April 28.| read more..

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