Mon. Oct 19th, 2020

Sahara directed to deposit Rs. 36, 000 crores within 18 months of Subrata Roy release from custody

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Supreme Court: Fastening
the liability of approximately Rs. 36,000 crores on Sahara Group of Companies,
the 3-judge bench of T.S. Thakur, A.R. Dave and Dr. A.K. Sikri, JJ held that
the balance outstanding amount is to be deposited by the contemnors within 18
months of their release from the custody. The Court directed that the deposits
be made in 9 installments i.e. first 8 installments of Rs. 3, 000 Crores
payable in every 2 months and the last installment of the remaining amount.
Accepting the bank guarantee format furnished by the contemnors, the Court said
that in the event of the default in payment of 2 instalments, not necessarily
consecutive, the bank guarantee will be encashed by SEBI and that it will also
be encashable in the event of failure to deposit the full amount within a
period of 18 months.

Laying down
stringent conditions, the Court further said that In the event of failure of
the contemnors to deposit 3 instalments, not necessarily consecutive, the
contemnors will have to surrender back to custody and in case they fail to do
so, they will be taken into custody and committed to jail. Also, restraining
the contemnors from leaving the country without prior permission of the court,
the Court directed the contemnors to deposit their passports within 15 days of
this order or before their release, whichever is earlier. So far as the
movement within the country is concerned, the contemnors were directed to keep
the police station Tilak Marg, New Delhi informed about their whereabouts every
fortnight.

The Court vide
order dated 26.03.2014 had passed a conditional order of bail with the
condition to deposit Rs. 5000 Crores in cash and Rs. 5000 Crores in the form of
bank guarantee in favour of SEBI. However, the contemnors who are in custody
since almost 15 months, have not been able to fulfill the said condition yet
and will remain in custody till the order dated 26.03.2014 is complied with. [SEBI
v. Sahara India Real Estate Corpn. Ltd., decided
on 19.06.2015]
Source: Legal news India

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