New Delhi: The Securities and Exchange Board of India (SEBI) on Friday sought directions from the Supreme Court to cancel the parole and take custody of Sahara chief Subrata Roy for his alleged failure in returning money to his investors. The SEBI sought Rs 62,602 crore from Sahara group, which it had previously collected. Also Read - SEBI Move on DMA Will Affect Stock Brokers
Meanwhile, the Sahara group has claimed that SEBI was “acting biased” and is raising a “wrong demand” by asking for Rs 62,602 crore or $8.48 billion. Also Read - SEBI Extends Compliance Deadline For Municipal Bond Issuers
“It is absolutely wrong demand by SEBI. Hon’ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion,” Sahara group said in an emailed statement on Thursday. Also Read - SEBI's FY19 Income Grows 12.7% to Rs 963 Crore
“In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment,” the statement read.
The markets regulator had said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at Rs 62,600 crore, including interest.
The case dates back to 2012 when the top court ruled that the Subrata Roy-led conglomerate violated securities laws and illegally raised more than $3.5 billion. When SEBI started tracing the investors, it found huge loopholes and sent Roy to jail.
After spending over two years in prison, the Sahara founder is out on parole since 2016.