Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court on Tuesday refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs. 20,000 crore of investors money.
A bench of justices K.S. Radhakrishnan and J.S. Khehar said that it will allow him to leave the country only when the Sahara group furnishes all the documents to reveal the source of Rs. 22,885 crore which it claimed to have refunded to its investors.
It said that if the company failed to show the source of the money then it would direct “further probe” against the group and brushed aside an impassioned plea of Mr. Roy’s counsel who submitted that his client be allowed to go abroad for business purposes and he will return before the next date of hearing.
“Everything is going in a circle. We want to finish this aspect of the case on the next date of hearing,” the bench said adding “If you give the source then a day after we would allow you to go abroad“.
The bench said that delay is on the part of the company to furnish details and directed the group the place all the documents including the bank statements sought by SEBI before February 11, 2014 when it would take up the case for further hearings.
Tightening the noose around Sahara Group for not refunding Rs. 20,000 crore investors money, the Supreme Court had on November 21, 2013 barred Mr. Roy from leaving the country and also restrained it from selling any of its properties.
On the last date of hearing on January 9, 2014 the Supreme Court had warned the Group to reveal source of Rs. 22,885 crore or be ready to face inquiry by CBI and Registrar of Companies.
Sending a clear message that the court is not “helpless” in taking action for flouting its directions, the apex court had rapped Mr. Roy and the group for refusing to disclose the source of money.