LAW MANTRA     (Think Beyond Others)

Sahara case: SC rejected the extension to deposit Rs. 552.21 crore

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Subrata Roy, Sahara chief who was landed into the jail for defaulting in reimbursing the money of the investor’s. Last year, parole was granted to him, however, it’s been extended by the court ever since as during the period of parole, he has been deposited the small amounts of defaulting amount at regular intervals.

Subrata Roy gave assurance to the court that he will pay Rs 1,500 crore on or before June 15 and Rs 552.22 crore exactly a month thereafter. However, he had paid only Rs 790.18 by June 15 and was granted 10 more days till July 4 for payment of Rs 709.82 crore.

Today, he paid the rest of the amount i.e. Rs 709.82 crore and sought extension to deposit the sum of Rs. 552.21 crore, whose deadline is July 15. However, Court rejected the extension and made clear that it would not extend beyound July 15 the deadline for depositing Rs 552.21 crore and warned that appropriate action will be taken if the cheque is not realised.

It can be construed from the aforementioned that he might be send to jail again if he would failed to deposit the amount of Rs. Rs 552.21 crore. Court also notify that Sahara has deposited a total of Rs 1500.40 crore and now Rs 9,000 crore remained due on the principal amount of Rs 24,000 crore.

 

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