News Business SC summons Subrata Roy, three directors of Sahara

SC summons Subrata Roy, three directors of Sahara

New Delhi: Coming down heavily on the Sahara group for not refunding Rs 20,000 crore of investors money despite its order, the Supreme Court yesterday summoned its chief Subrata Roy to be personally present before

The apex court in its judgement of August 31, 2012 had directed SEBI to attach properties and recover the money.

Sending a clear message that the court is not "helpless" in taking action for flouting its directions, the apex court had on November 21 last year barred Roy from leaving the country and also restrained the group from selling any of its properties.

The bench also questioned the group for raising the defence that the company had already returned the money to the investors.

It said this claim was earlier rejected by a three judge bench and there was no need to raise it again.

Senior advocate Ram Jethmalani, appearing for the group, submitted that it will go through the previous order and put forth its view on the next date of hearing.

The apex court had on August 31, 2012 directed the Sahara group to refund Rs 24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January 2013 and the remaining amount in first week of February.

The group, which had handed over the draft of Rs 5,120 crore on December 5, has been accused of failing to pay the rest of the amount.

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