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SC warns Sahara chief Subrata Roy to pay up or go to jail

Subrat Roy

New Delhi: The Supreme Court on Thursday warned Sahara group chief Subrata Roy that he will be jailed if he fails to submit Rs 2,050 crore by July 15, sources said.

Subrata Roy, who was arrested in 2014 and given bail last year, was present in court and told judges that he would furnish two cheques for the same amount.

He took an undertaking in SC to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15. He furnished a post-dated cheque of Rs 552 crore to be realised by the mentioned date.

The Supreme Court asked Roy to be present in court on June 19, the next date of hearing.

The SC had in August 2012 ordered Sahara to repay over Rs 25,000 crore to investors by depositing the amount with market regulator SEBI after it found that two group companies – Sahara Real Estate and Sahara Housing – had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.

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