The Supreme Court in 2012 had ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion.
A petition was sent by the Securities and Exchange Board of India (SEBI) to the Supreme Court regarding the Sahara group companies. The Supreme court directed tycoon Subrata Roy to pay ₹ 62,600 crore ($8.43 billion) immediately, else his parole will be cancelled.
The outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at ₹62,600 crore. It includes interest too. Roy was suppose to pay ₹ 25,700 crore eight years ago. But now with the interest it has ballooned to ₹62,600 crore.
The Sahara group companies had violated securities laws and illegally raised over $3.5 billion, for which the Supreme Court had ruled a certain amount in 2012. However, when Sahara firms failed to pay up, the court sent Roy to jail. The companies had raised money in cash from millions of Indians who could not avail banking facilities.
The Sahara group said in an emailed statement on Thursday that SEBI has “mischievously” added 15 percent interest and it is a case of double payment as the companies have already paid back the investors. The statement says that “It is absolutely wrong demand by SEBI.’
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