Conglomerate Sahara group has told the Supreme Court that it is infeasible for any business house in the world to pay Rs. 36,000 crore within 18 months. It was the principal amount due to investors in two of its schemes declared illegal by market regulator Sebi, but opposed the suggestion of an auction to dispose of its properties to garner funds to free Sahara chief Subrata Roy from prison.
“No business house in the world can deposit Rs 36,000 crore in one and half years time,” senior counsel Kapil Sibal, appearing for Subrata Roy, told the a bench of justice TS Thakur, Justice Anil R Dave and Justice AK Sikri, adding “I want to pay. I am obliged to pay. But the court can’t ask me to pay the interest even before I have paid the principal”.
Sebi, after declaring the two schemes illegal , had asked Sahara to pay the dues to its investor. Sahara later lost its case against the order, both in Securities Appellate Tribunal and the Supreme Court, which asked the group to pay up the sum. Subrata Roy has been Tihar jail since March last year.