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TRENDING Subrata Roy Must Pay Rs. 62,600 Crore To Stay Out Of Jail: Regulator SEBI

Subrata Roy Must Pay Rs. 62,600 Crore To Stay Out Of Jail: Regulator SEBI

The Securities and Exchange Board of India (SEBI) has petitioned the Supreme Court to direct tycoon Subrata Roy to pay Rs. 62,600 crore ($8.43 billion) immediately, or cancel his parole if he doesn't yield.


By Newsdesk - November 20, 2020



New Delhi, 20 November 2020

As per news report of NDTV, the markets regulator said the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at Rs. 62,600 crore, including interest, according to court filings seen by Bloomberg. Roy's liabilities have ballooned from Rs. 25,700 crore he was ordered to pay eight years ago. The Supreme Court in 2012 ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion. The companies said monies were raised in cash from millions of Indians who could not avail banking facilities. SEBI could not trace the investors and when Sahara firms failed to pay up, the court sent Roy to jail.

Source -NDTV


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