Reveal source of Rs 18,000 crore refunded to investors: SC to Sahara

NEW DELHI: The Supreme Court (SC) has asked Sahara India to reveal the source of the Rs 18,000-crore that it claims to have refunded its investors.

The Supreme Court had directed Sahara to return Rs 36,000 crore investors money it had collected in 2007-08 within 18 months. However, at the time, Sahara promoter Subrata Roy’s lawyer Kapil Sibal had told the apex court that it was not possible for them to pay back the amount within the requested timeframe. “There is no business house in the country or in the world, which can deposit Rs 36,000 crore in 18 months’ time,” he had said.

Sahara had then claimed to have returned about Rs 18,000 crore of investors’ money, which the Supreme Court now wants to know the source for.

The Supreme Court said, “is difficult to digest that so much money has been refunded in such a short span,” according to an ANI tweet.

The next hearing for the Sahara case has been scheduled for September 16.

The Supreme Court even offered to close the Pandora’s box if the company submits proof of source for the refunded money.

Sahara India’s Roy has been out on parole since May when he was granted permission to leave Tihar Jail where he spent about two years, after the death of his mother after a prolonged illness. The SC has now asked Roy to deposit an additional Rs 300 crore with it for an extension in his parole, or go back to jail.

Posted by on September 2, 2016. Filed under Editorial. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.