Sahara deposits 3000 crore with Sebi for the release of its chief

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Subrata Roy

Complying with conditions imposed by the Supreme Court, Sahara has deposited INR 3,007 crore with market regulator Sebi for the release of its chief, Subrata Roy.

On 26 March, the court ordered Sahara to make a deposition of INR 5,000 crore in cash and INR 5,000 crore through bank guarantee for the release of Roy and its two directors. Roy, along with the two directors was detained since 04 March for continued non compliance of the court’s orders.

On 04 June, the apex court granted Sahara the permission to operate bank accounts and sale bonds and securities for meeting the pre conditions of Roy’s release.

Sahara sources confirmed that they have managed to mop up INR 3,007 crore from various banks and sale of bonds and the collected amount was deposited with the market regulator on Monday. They also asaid that they will soon arrange the rest of the money along with the bank guarantee. With this, the total amount of money deposited by Sahara with Sebi went up to INR 8,127 crore of which INR 5, 127 crore was deposited by Sahara Real Estate and Sahara Housing on December 2012.

Earlier, the court had rejected Sahara’s plea for the release of Subrata Roy or putting him in a government guest house and further referred the case to a three bench judge on 04 June. The court termed Sahara’s move to raise INR 25,000 crore through one time convertible debenture (OFCDs) as illegal and ordered the company to immediately refund the money. The company claimed it had done so except for a liability of INR 2,000 crore.