SEBI sues Sahara for Rs 62,600 crore over investors' dues, moves SC

NEW DELHI:  In yet another setback for scandal-ridden Sahara Group, India's capital market regulator SEBI has moved the Supreme Court asking it to direct the company's controversial chief Subrata Roy and two of his companies to deposit a whopping Rs 62,602 crore that it says is due to its investors.

The Securities and Exchange Board of India (SEBI) in its plea said that if the parties are unable deposit the amount demanded, then they should be taken into custody. Since 2016, Sahara chief Roy has been out on bail after being arrested in March 2014 for failing to attend a contempt of court hearing. 

In its petition, SEBI told the apex court that Sahara had failed to comply with the 2012 and 2015 court orders to deposit the entire amount it had collected from investors along with a 15 per cent annual interest payment. Sahara, however, has repeatedly denied the allegations of fraud.

Sahara had previously told the court that it had refunded most of the money it collected from investors and submitted relevant documents to SEBI. The regulator had also invited claimants through advertisements in many newspapers, but said last year that it would not entertain anymore claims, it said. 

Read More : https://www.newindianexpress.com/business/2020/nov/20/sebi-sues-sahara-for-rs-62600-crore-over-investors-dues-moves-sc-2225670.html