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    Sahara chairman Subrata Roy appears in SC, says has paid most of his dues

    Synopsis

    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. Sebi informed the court that he had so far paid only a part of the money due, including interest.

    sahara-chairmanAgencies
    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.
    NEW DELHI: 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 Sebi, through senior advocate Arvind Datar and standing counsel Pratap Venugopal, opposed it.

    Sebi informed the court that he had so far paid only a part of the money due, including interest. Venugopal argued that 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.

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

    Sebi has contended that the total principal with interest has now crossed Rs 70,000 crore, at 15% interest on the principal amount. Roy has so far only paid Rs 15,000 crore, it said. Subrata Roy, on his part, claimed that he had paid a major portion of the dues in cash to his depositors. He also demanded a recount of his liabilities.

    Senior advocate Datar has earlier said in court that the regulator would accept his claims on paying in cash if he could show documents on fund inflows.

    All this would require a detailed hearing. Till that is done, Sahara’s Roy has said that the group would not pay any more money.



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