Sahara Matter: Subrata Roy will be sent back to jail if his cheques worth Rs. 2052.21 Crores bounce

Supreme Court: Allowing the Sahara Group of companies to submit 2 post-dated cheques of around Rs. 2052.21 Crores i.e. one of Rs. 1500 Crores dated 15.6.2017 and the second one of Rs. 552.21 Crores dated 15.7.2017, the bench of Dipak Misra, Ranjan Gogoi and Dr. A.K. Sikri, JJ said that the cheques shall be honoured in all circumstances on presentation on the due date failing which Subrata Roy will be sent back to custody.

On 17.04.2017, the Court had also asked Dr. Prakash Swamy to appear before the Court, who had filed an interim application giving a proposal that MG Capital Holdings LLC, New York, USA, shall purchase the Hotel Plaza by giving 550 million US dollars and to show its bona fide, had agreed to deposit Rs.750 crores with SEBI Sahara Refund Account but had failed to deposit the sum. Dr. Prakash Swamy submitted that he was not a stake holder or a partner and on the basis of personal friendship, he had filed the affidavit and that he is a retired person and has no source of income. Holding him guilty of contempt of court, the Court imposed a simple imprisonment for a term of one month and directed that he will serve his term in Tihar Jail.

The matter will next be taken up on 19.06.2017. [SEBI v. Sahara India Real Estate Corpn. Ltd., 2017 SCC OnLine SC 492, order dated 27.04.2017]

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