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The Supreme Court on Thursday summoned Sahara chief Subrata Roy and three directors in various Sahara entities to appear before it on February 26 over non-deposit of Rs 20,000 crore with market regulator Sebi for refund to nearly three crore investors.
In This Pic : Subrata Roy
Pic Courtesy : Getty Images
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A bench of Justices K S Radhakrishnan and J S Khehar passed this order peeved by the non-compliance of its August 31, 2012 order to deposit Rs 24,000 crore with interest and the multifarious litigation to stall payment. Apart from Roy, the court also summoned Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary.
In This Pic : Subrata Roy
Pic Courtesy : Getty Images
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The court warned, "We cannot keep begging you for payment of the money. If they don't want to pay the money, then they can go from here (court) to some other place."
In This Pic : Subrata Roy
Pic Courtesy : BCCL
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Senior advocate Ram Jethmalani, appearing for Sahara Housing and Real Estate companies which had been asked to refund Rs 24,000 crore with interest on August 31, 2012, had almost succeeded in getting some more time to explain the refunds done by the two companies through Sahara India.
In This Pic : Subrata Roy
Pic Courtesy : Getty Images
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But the bench appeared tired of hearing different pleas and shifting stands of the Sahara companies over non-payment of money to the market regulator. It asked Sebi to initiate process for selling the assets pledged by different Sahara companies as security for the remaining Rs 20,000 crore. The Saharas had deposited Rs 5,120 crore with Sebi.
In This Pic : Subrata Roy
Pic Courtesy : Getty Images
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