SEBI says Sahara group chief must pay Rs 62,600 crore to stay out of jail: Report
Mumbai/IBNS: The Securities and Exchange Board of India (SEBI) has filed a petition with the Supreme Court seeking its direction to Sahara group chief Subrata Roy to pay Rs 62,600 crore ($8.43 billion) right away, or cancel his parole if he refuses the payment, said a media report.
The markets regulator said in its petition that Roy and Sahra group's two companies owe Rs 62,600 crore, including interest, a Bloomberg report said, adding that
Roy's liabilities multiplied from Rs 25,700 crore he was ordered to pay eight years ago.
In 2012, the Supreme Court in a ruling said that Sahara group companies violated securities laws and raised over $3.5 billion, mainly from Indians who did not have access to banking facilities
The Bloomberg report said Sahara in a statement termed SEBI's demand "absolutely wrong" as "SEBI has 'mischievously' added 15 per cent interest and it is a case of double payment as the companies have already paid back the investors".
According to the Bloomberg report, Roy has deposited over Rs 15,000 crore so far, SEBI said in the court filing.