New Delhi, March 13 (IANS) The Supreme Court on Friday gave Sahara Group chief Subrata Roy a "final chance" to raise Rs.10,000 crore -- Rs.5,000 crore in cash and Rs.5,000 crore in bank guarantee -- to make part repayment of investors' money raised by the company in 2008 and 2009 -- which is also a condition for his and two other directors' release from custody.
Noting that earlier two attempts by Sahara to raise the money got "aborted", a bench of Justice T.S.Tkakur, Justice Anil R. Dave and Justice A.K. Sikri decided to give a last chance as senior counsel Kapil Sibal told the court that they were "hopeful" that their attempt to raise money would succeed and Sahara would be able to comply with the court's order.
The court recorded the statement of Sibal appearing for Roy that "earlier two attempts have aborted and a final chance be given to discharge its obligation".
Roy and two other directors Ravi Shankar Dubey and Ashok Roy Choudhary are currently in custody since March 4, 2014, for the failure of group companies SIRECL and SHICL to comply with the apex court's August 31, 2012 and December 5, 2012 orders to return the investors' money which in 2012 was Rs.24,000 crore. This amount on account of interest component has increased substantially.
For Sahara's "final chance" to raise the money, the court extended the communication facilities, including a laptop, to Roy and two other directors from the existing two hours a day to five hours. However, it declined their plea for extension of being shifted to the conference hall of the Tihar Jail court complex.
The court directed Sahara to submit the outlines of the current proposal it was negotiating with an off-shore lender to market regulator SEBI and amicus curiae Shekhar Naphade so that they could examine its seriousness and if it was worth pushing. It asked Sahara to extend full co-operation to the SEBI and Naphade and give any clarification they may seek.
Noting that earlier two attempts by Sahara to raise the money had failed, the court said: "We are also thinking of appointing a receiver to auction Sahara assets to raise the money in a transparent manner."
After all, the orders of the court have to be taken to a logical conclusion, the court observed saying that a person should not remain in custody indefinitely and it was also not good for the system.
Urging the court not to embark on such a course, Sibal said: "Please don't do that. If my hands and feet are tied, how can I walk? Give me that little time. The real estate market is in doldrums and has collapsed. I must get a fair price, satisfy the court and also not be taken for a ride."
Observing that Sibal "appeared to be hopeful", the court, however, indicated that if a third attempt also fails, then the court will embark on appointing a receiver to secure the compliance of its order.
At the outset, Sibal contested the Reserve Bank of India's contention raised in the court on February 24 on Sahara India Financial Corporation Ltd, wrongly giving the proceeds of FDs, bonds and securities to the tune of Rs.484.67 crore to its partnership firm Sahara India instead of depositing in the "SEBI Sahara Refund Account" as directed by the court, contending these were not covered by the court order restraining Sahara from alienating any of its assets.
Asking SEBI to respond to the submission by Sahara, the court fixed March 23 for further hearing of the matter.
PSEB 8th Result 2023 Out Punjab Board 8th result released, 98.01% pass percentage, less than previous years
PSEB 8th Class Result 2023: The result of the class VIII board exam has been released by the Punjab Board on Friday, April 28. Around three lakh candidates appeared in the examination. PSEB
Speech abusing Narendra Modi and Rs 2 crore: Ex-partner makes another allegation against Mahua Moitra.
Mahua Moitra Case. The troubles of TMC MP Mahua Moitra, who is involved in the case of asking questions after taking money in Parliament, are continuously increasing. Mahua Moitra's ex-boyfriend
Still not vaccinated? 70% of those who lost their lives due to corona in Delhi did not get the vaccine
The third wave of ovid is going on in the capital Delhi. Even after that, if you have not got the Covid vaccine yet, then these figures can be intimidating to you. In the last four days, 97 people
Retrenchment of employees and closure of the company is easy, Parliament approves three Labor Reforms Bills, Government has given benefits
Parliament on Wednesday approved three major Labor Reform Bills, which would eliminate barriers to closing companies and allow companies with a maximum of 300 employees to lay off employees without
The monkey was killed ... When the NSA received a call 15 minutes after the Balakot airstrike, know-how India gave Pakistan the hoax
The year was 2019 and the date was 26 February. It was 3.45 in the morning (early morning). That's when the then Indian Army chief BS Dhanova makes a telephone call and goes to the RX number of
Weather Update: Western Disturbance will bring relief from the scorching heat, there is a possibility of heat in these states including Delhi even today
North India, which is scorching by the scorching heat, may soon get some relief from its outbreak. The Meteorological Department has forecast that the Western Disturbance will be active twice between
India-Pakistan Conflict: Rajnath Singh's meeting begins, the three army chiefs and CDS are also present
Pakistan is very upset after the action taken by India against terrorists on 7 May, and this is the reason why Pakistan is constantly trying to attack India with drones and missiles, which have been
Russia-Ukraine war: Ukraine breaks diplomatic relations, angered by North Korea's statement on Donbass, 23 civilians injured in Russian attack in Zaporizhia
Amid the Russia-Ukraine war, North Korea has spoken of recognizing the Donbas as a separate country. After this announcement, Ukraine announced to end all diplomatic relations with North Korea. Before
Rahul Gandhi takes drugs, is also involved in smuggling; Karnataka BJP chief's statement stirred controversy
After a statement by Karnataka BJP President Naleen Kumar Kateel, now the controversy may increase. On Tuesday, Naleen Kumar Kateel said, 'Who is Rahul Gandhi? I am not saying this. Rahul Gandhi is a
Active case 4597 decreased in 24 hours, this is the lowest in 33 days; Today, total cases can cross 85 lakhs
The country is once again witnessing an increase in corona cases. On Friday, a decrease of 4 thousand 597 was registered in an active case, but it is the lowest in 33 days. The shortfall was 2
