Sahara Matter: Date to deposit Rs. 600 Crores not extended; failure will lead Subrata Roy back to prison

Supreme Court

Supreme Court: Refusing to extend the deadline to deposit the amount of Rs. 600 Crores before 06.02.2017, the 3-judge bench of Dipak Misra, Ranjan Gogoi and Dr. A.K. Sikri, JJ reiterated that if the Sahara India Real Estate Corporation Ltd., does not deposit the amount, the contemnors including Subrata Roy shall be committed to prison. The contemnors had sought the modification of the order dated 28.11.2016 where the 3-judge bench of T.S. Thakur, former CJ and Ranjan Gogoi and Dr. A.K. Sikri, JJ had directed that the said amount be deposited by 06.02.2017.

The Court, however, permitted the contemnors to transfer thirty-five million pounds equivalent to Rs.285 crores lying in Saharas account in London bank as no objection was raised to the same by SEBI and Union of India.

The matter has been listed to be heard on 07.02.2017. [SEBI v. SAHARA INDIA REAL ESTATE CORPN.LTD, CONMT. PET.(C) Nos.412/2012, order dated 12.01.2017]

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