The Supreme Court on Thursday ordered Sahara Group chief Subrata Roy to appear before it on February 28, for failing to deposit Rs 25,700 crore in connection with market regulator Securities and Exchange Board of India’s case against the group. The court said it had given six months to the Sahara Group to furnish the amount, but the firm deposited just Rs 15,000 crore, PTI reported.
A bench headed by Chief Justice Ranjan Gogoi and comprising Justices AK Sikri and SK Kaul said the court will not give any more chances to Roy and other directors of the Sahara Group to comply with its directives. The court said that it will instead proceed with the matter, and ordered Roy and other directors to appear before it personally.
The Sahara Group has been embroiled in a lengthy court battle with the Securities and Exchange Board of India over a case involving a Rs 24,000-crore refund to investors.
In July, the Supreme Court put off the auction of the group’s Aamby Valley property after the Bombay High Court’s official liquidator told the court there are no prospective buyers. In February last year, a bench headed by then-Chief Justice of India Dipak Misra had allowed a court receiver to take over the property and auction it so that Sahara’s creditors can be paid.