Sahara to repay Rs 11,136 cr to Sebi, secure Subrata Roy’s release

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subrata-royThe Sahara Group has chalked out a roadmap for repayment of outstanding dues to the Sebi of Rs 11,136 crore in 21 installments to ensure group’s chief Subrata Roy’s release.

A bench comprising Chief Justice of India TS Thakur and Justice Ranjan Gogoi and Justice A K Sikri studied the proposal and asked the Sebi to respond to it.

Once the full amount was paid, the group proposed to secure the release of Roy and two directors Ashok Roy Chaudhary and Ravi Shankar Dubey.

Roy and the two directors would give undertakings regarding the roadmap and “in the event of three defaults” in repayment to the Sebi, they would be taken back into custody.

Giving details, Sahara India Real Estate Corporation Ltd and Sahara Housing Investment Corporation Ltd, which filed the application through its advocate Kapil Sibal, proposed to pay Rs 1,000 crore in equal instalments of Rs 200 crore by March 2017.

It would repay Rs 6,000 crore in six equal instalments between January 2018 and April 2019, and the rest Rs 1,436.68 crore would be cleared by July 2019.

The application stated that as per a Supreme Court order, Rs 11,001.40 crore has been credited to it, while the liability was Rs 24,029.73 crore. By subtracting Rs 11,001.40 crore from Rs 24,029.73 crore, the liability, as per Sebi, would be Rs 13,028.33 crore, it said.

The group said it doesn’t take into account the repayments made by it to investors to the tune of Rs 1,165.68 crore and TDS deducted and deposited with I-T department at Rs 725.97 crore.