Supreme Court orders Sahara chief Subrata Roy to pay Rs 1,500 crore to SEBI, deadline is September 7

Sahara chief Subrata Roy. (File photo)

Sahara chief Subrata Roy. (File photo)

The Supreme Court on Tuesday directed Sahara chief Subrata Roy to deposit Rs 1,500 crore in SEBI-Sahara account by September 7 to establish his bona fide, news agency PTI reported. The Sahara chief, who has spent almost two years in jail and is out on parole since May 6 last year, was arrested for Sahara group’s failure to return the money of investors.

The Supreme Court had, earlier this month, asked Roy to pay Rs 552 crore to the Securities and Exchange Board of India by July 15 or face consequences. The apex court had shot down senior counsel Kapil Sibal’s plea for more time for his client to pay his dues, saying: “We are absolutely disinclined to request for extending time. Sebi is directed to produced the cheque in the relevant account. If dishonoured, the contemnor shall face the consequences.” The cheque is dated July 15.

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