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Non-payment of Rs. 1,500 cr will land Subrata Roy in jail: SC

Non-payment of Rs. 1,500 cr will land Subrata Roy in jail: SC
The Supreme Court on Thursday extended till June 19 the parole of Sahara chief Subrata Roy with a warning that failure to meet the deadline of June 15 for payment of Rs 1,500 crore would land him in prison once again.

Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payments as per the roadmap approved by the court or face further imprisonment.

The Sahara chief gave an undertaking to a bench headed by Justice Dipak Misra that he would deposit Rs 1,500 crore by June 15 and another payment of Rs 552.22 crore by July 15 in the SEBI-Sahara account and filed an affidavit.

The apex court warned Roy that he may be sent to jail again if the amount is not paid.

In a related development, the bench, which also comprised Justices Ranjan Gogoi and A K Sikri, ordered the arrest of Chennai-based Prakash Swamy, who failed to deposit Rs 10 crore as per the last order. He will serve one month-jail for contempt of court.

Swamy had filed an affidavit on behalf a foreign firm expressing his intent to buy Sahara's New York-based hotel.

He had failed to comply with the apex court's direction to show his bonafide by depositing the amount in court to establish his intention to buy the property.

The bench also allowed the Sahara group to make an electronic payment through RTGS in the Sebi-Sahara account on or before June 15.

The apex court directed Roy to remain personally present on June 19, the next date of hearing.

It asked the Official Liquidator of Bombay High Court to prepare terms and conditions for auctioning the Aamby Valley property for its approval on June 19.

Irked over non-submission of money, the Supreme Court had on April 17 decided to sell Rs 34,000 crore worth properties of the Sahara Group at the Aamby Valley and had sought Roy's presence before it.

Making its mind clear, the bench had said the court may rethink about varying the interim order of bail and consider sending the contemnor (Roy and others) to custody.
M Post Bureau

M Post Bureau

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