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    SEBI-Sahara case: Supreme Court exempts Sahara group chief Subrata Roy from personal appearance

    Synopsis

    Roy was sent to the Tihar Jail by the apex court on March 4, 2014 and came out on parole after spending over two years in prison on May 6, 2016 to perform the last rites of his mother Chhabi Roy. He has been out of prison since then.

    sahara-indiaAgencies
    The bench said it will not pass any order on this aspect and assured lawyers that the case will be listed soon for the hearing.
    Sahara chairman Subrata Roy on Friday claimed in the Supreme Court that he had cleared most of the dues demanded by the market regulator to pay public depositors in his group companies, and requested that the court remove the security personnel assigned to him.

    A bench led by Chief Justice SA Bobde refused to change its earlier order assigning security to him after the Securities and Exchange Board of India, through senior advocate Arvind Datar and standing counsel Pratap Venugopal, opposed it.

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    Sebi informed the court that he had so far paid only a part of the money due, including interest. Venugopal argued the security was not for his personal security but to keep an eye on him and ensure that he turned up in court when required.

    When senior advocate Vikas Singh, appearing for Roy, urged the court to free the Sahara chief from his security entourage, the CJI remarked that a huge security detail was the hallmark of a “VIP” these days, even as he stuck to the court’s earlier orders.

    The bench, however, waived personal appearance of Roy, who was present in court on Friday, in court during further hearings.

    The top court had remanded Roy in a civil jail in 2014 over the group’s failure to pay up dues estimated to be Rs 25,781 crore to Sebi. The regulator was to pay the money to the subscribers of two schemes of the group declared illegal by the court in 2012.

    He was released on parole when his mother passed away two years later.

    Sebi has contended that the total principal with interest has now crossed ?70,000 crore, at 15% interest on the principal amount.


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    ( Originally published on Jan 24, 2020 )
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