Headlines
SC gives Sahara 18 months to pay up Rs.36,000 crore
SC gives Sahara 18 months to pay up Rs.36,000 crore
New Delhi, June 19 The Supreme court on Friday gave 18 months to Sahara to repay Rs.36,000 crore of the investors money which its two companies, SIRECL and SHFCL, had collected in 2007-08 through OFCDs.
However, an apex court bench headed by Justice T.S.Thakur reiterated a March 26, 2014 order saying that Sahara chief Subrata Roy and two directors will only be released from Tihar jail, where they are in judicial custody, after Rs.5,000 crore in cash and a bank guarantee of like amount is deposited.
The court also approved the format of the bank guarantee given to it by Sahara.
The court said that Sahara will deposit the Rs.36,000 crore in instalments of Rs.3,000 crore every two months and the balance amount will be deposited in the last instalment.
In case Sahara defaults in paying two instalments, which may not be consecutive, SEBI will then encash the bank guarantee of Rs.5,000 crore, the court added.
If Sahara defaults on the payment of three instalments, which may not necessarily be consecutive, then Subrata Roy and two directors will surrender before Tihar jail authorities, failing which the police will arrest them, the court said.
The court has said that Roy will deposit his passport within 15 days before his release, will not leave the country and will also inform the police about his whereabouts.
However, the possibility of Subrata Roy coming out of jail has diminished as Kapil Sibal, appearing for him, informed the court that the financial institution backing the bank guarantee has withdrawn. He said that they will be arranging a fresh bank guarantee, for which efforts are on.
6 hours ago
Former US Envoy Calls PM Modi's Visit to the US 'Very Positive' for Bilateral Relations
6 hours ago
New York City Health Commissioner Dr. Ashwin Vasan Resigns from Position.
7 hours ago
Trump Voices Concerns About Iranian Threats and Criticizes Harris on Border Policies.
7 hours ago
US President Joe Biden Meets Muhammad Yunus, Emphasizes Strong US-Bangladesh Partnership
7 hours ago
Kamala Harris Backs Ending Senate Filibuster to Restore National Abortion Rights
7 hours ago
Trump Proposes Tax Incentives and Deregulation for Companies Moving Operations to the U.S.
9 hours ago
Preity Zinta drops a heartwarming selfie with mom & adorable bunny
9 hours ago
New mother Yami Gautam's life lately is about colourful 'burp-clothes, sunshine & trees'
9 hours ago
Hema Committee repercussions: AMMA's ex-General Secretary Edavela Babu arrested, released on bail
9 hours ago
Congress had handed over Haryana to 'dalal' and 'damad', says PM Modi at Gohana rally
9 hours ago
TN: Six Bangladeshi nationals without proper documents arrested in Tiruppur
9 hours ago
Andhra Pradesh CM Relief Fund gets Rs 400 crore donations to support flood victims
9 hours ago
Petrol, diesel prices may see a cut after Oct 5: Report