SC may hear Sahara chief’s plea Monday

Avatar India, Subrata Roy

New Delhi, Sep 5 (IANS) The Supreme Court is likely to hear Monday an application by Sahara Group chief Subrata Roy and two other directors seeking another 10 days’ stay in the Tihar Jail court complex’s conference hall to negotiate the sale of assets, including three hotels in London and New York.

The assets, located overseas and within the country, are to be sold to raise Rs.10,000 crore as part repayment of investors’ money that Sahara Group’s two companies SIRECL and SHICL had collected through optional fully convertible debentures (OFCDs) in 2008-09.
This is also a condition for their release from judicial custody to which they were sent by the top court March 4.
The apex court Aug 1 had allowed the shifting of Roy and two other directors – Ravi Shankar Dubey and Ashok Roy Choudhary – to a make-shift jail in conference hall at the jail court complex to facilitate them to negotiate sale of his properties, in India and abroad.
The initial shifting of Roy and two other directors for 10 working days came to end Aug 19 but before that, on Aug 14, it was further extended by another 15 working days and was to now conclude Sep 9.
A bench of Justice T.S.Thakur, Justice Anil R. Dave and Justice A.K.Sikri in the Aug 14 hearing of the extension plea had said: “You must ensure that you comply with it within the extended period and you will not come from more extension.”
The court had said this as Solicitor General Ranjit Kumar told the court that Tihar Jail authorities would not agree for any further extension.
Following the 2012 order to return investors’ money, the court had March 26 asked Sahara to deposit Rs.10,000 crore – Rs.5,000 in cash and Rs.5,000 in bank guarantee – as part payment of the money, which in 2012 was Rs. 24,000 crore.
However, market regulator, the Securities and Exchange Board of India (SEBI), now says that this amount has shot up more than Rs.37,000 crore with Income Tax department making a tax claim of Rs.4,800 crore.

Last modified: September 30, 2014