Supreme Court sends Sahara chief Subrata Roy back to Tihar

The Supreme Court on Friday terminated the parole and other interim arrangements allowed to Sahara chief Subrata Roy after the Securities and Exchange Board of India (Sebi) informed that it had received intimation from the Income Tax department that the group’s properties that were being put on auction were already under provisional attachment. Two other directors, Ashok roy Choudhary and Ravi Shankar Dubey, are also likely to go back to jail.

Roy was released on a two week parole in May to attend the funeral of his mother. He had since been allowed a few extensions on conditions of payment of part dues. Two group firms were ordered to repay Rs 24,029 crore to investors alongwith 15 per cent interest in 2012. The regulator claims the dues have now swelled to about Rs 40,000 crore.

As various efforts by Roy and his group to repay the sum failed, the Supreme Court had directed Sebi to auction 67 properties to collect the amount due.

According to Sebi, of the 67 properties of Sahara group that are being put on auction according to the Supreme Court’s directions, 63 stood provisionally attached on account of assessed dues of Sahara City Homes for the assessment year 2012-13.

“Sebi informed it has filed an IA (interim application) informing about the income tax letter and seeking directions on whether sale certificates need to be issued despite the attachment orders. It said even out of the eight properties already sold, five are under attachment,” a lawyer who attended the proceedings said.

Following this, the bench, headed by the Chief Justice of India TS Thakur, ordered the interim arrangements for Roy and others terminated. He questioned the group on how it could present properties already attached for auction to the court.

Sahara lawyer Rajeev Dhawan protested that the regulator has not shared the details of attachment. Earlier, Dhawan had sought time till September 30 for extension of the interim arrangement.

The court allowed Sahara group to file a fresh plea, which would be taken up for hearing in due course.

The action now moves to Lucknow, from where Roy needs to be brought back to Tihar Jail.

Advertisements
Supreme Court sends Sahara chief Subrata Roy back to Tihar

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s