Millennium Post

Ready with road map to deposit Rs 12,000 cr by Dec 2018: Sahara

Embattled Sahara Group on Friday told the Supreme Court it was ready with a roadmap to deposit the remaining amount of Rs 12,000 crore in the SEBI-Sahara account by December 2018 to be refunded to the investors.

The group told a bench headed by Chief Justice T S Thakur that the road map has been shared with market regulator SEBI and amicus curiae and senior advocate Shekhar Naphade. The bench then continued with the interim bail and other arrangements granted to Sahara Group chief Subrata Roy till November 28.

Earlier, the top court had said it had been "taken for a ride" by the Sahara group through its past conduct and had directed it to submit a roadmap to pay the balance amount of Rs 12,000 crore to SEBI, while extending the parole of Roy and others till October 24 on payment of Rs 200 crore. Senior advocate Kapil Sibal, appearing for the group, told the bench, which also comprised Justices A R Dave and A K Sikri, that they have deposited Rs 200 crore with SEBI in pursuance to an earlier apex court direction.

The bench said Sahara has to deposit another Rs 200 crore by November 28 so that the interim arrangement could continue. 
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