A new Supreme Court Bench on Thursday struck a tough note in its maiden hearing of the Sahara-SEBI dispute when it gave the group’s chief, Subrata Roy, an ultimatum to either deposit ₹600 crore with the market regulator by February 6 for repaying duped investors or face the prospects of going back to Tihar Jail.
The Bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri, constituted on the retirement of Justice T.S. Thakur who had headed the Bench as Chief Justice of India, said no further indulgence would be given to Mr. Roy.
“If you don’t pay the amount, you go back to jail,” the Bench said.
Parole continues
The apex court conveyed to Sahara lawyers that it would be exacting in nature when it reminded them that parole was given to Mr. Roy for attending his mother’s funeral and last rites nine months ago.
“The specific purpose is over and this [parole] is continuing,” the Bench expressed its scepticism.
SEBI counsel and senior advocate Arvind Dattar informed the Bench that if Mr. Roy fails to pay the money on time, a Receiver could be appointed to sell properties — numbering over 85 — through auction after attaching all of them.
“If he defaults to pay the amount then he will go back to jail, then properties will be attached, Receiver appointed and sold through auction,” the court confirmed SEBI’s proposal.
Sibal’s stand
Senior advocate Kapil Sibal, appearing for Sahara, said the statement from the court was “most unfortunate.”
“We are here to hear you Mr. Sibal. Has the Supreme Court not given you more indulgence than any other litigant? Now you are saying we are not hearing you? This is not done,” Justice Gogoi said.
When Mr. Sibal blamed the delay in payment to the economic slowdown, especially in the real estate sector, the court retorted that the economic situation was no better on November 28, 2016 when Sahara was asked to deposit the money.
