The Securities and Exchange Board of India has urged the Supreme Court to direct Sahara Group Chairperson Subrata Roy and two of his companies to pay Rs 62,600 crore, which they owe to investors, Reuters reported on Thursday.
The market regulator added that Roy’s parole should be cancelled if he does not comply with the orders, according to Bloomberg.
SEBI told the top court that Sahara had failed to deposit the entire amount collected from the investors with 15% annual interest, despite court orders in 2012 and 2015, according to a copy of the petition accessed by the news agency. SEBI said Sahara had paid only a part of the principal amount, and the interest had mounted to over Rs 62,600 crore.
“Saharas have made no efforts whatsoever to comply with the orders and directions,” SEBI said in its petition. “On the other hand contemnors’ liability is increasing daily and contemnors are enjoying their release from custody.”
A spokesperson for Sahara, meanwhile, told Reuters that the company had already deposited Rs 22,000 crore and accused SEBI of “mischievously” adding interest.
The Sahara Group has been embroiled in a lengthy court battle with SEBI over a case involving a Rs 24,000-crore refund to investors. Roy was arrested in the case 2014 and sent to the Tihar Jail in Delhi. He has been on bail since 2016.
Recently, Roy was embroiled in a controversy around a Netflix show called Bad Boy Billionaires. Netflix had promoted its show as a docuseries exploring “the greed, fraud and corruption” that built up – and ultimately brought down – some of India’s most infamous tycoons, including Roy, Vijay Mallya, Mehul Choksi, his nephew Nirav Modi and B Ramalinga Raju.
A court in Bihar had restrained the streaming platform from using Roy’s name in the series. In September, the Supreme Court had dismissed Netflix’s petition against the order.