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HindustanTimes Mon,21 Apr 2014

No foreign trips for Sahara's Subrata Roy just yet

HT Correspondent, Hindustan Times  New Delhi, January 03, 2014
First Published: 00:29 IST(3/1/2014) | Last Updated: 00:33 IST(3/1/2014)

Sahara Group chief Subrata Roy on Thursday failed to get relief from the Supreme Court that declined to pass immediate orders granting him permission to travel abroad for his business meetings.

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A bench of justices KS Radhakrishnan and JS Kehar observed Roy’s petition didn’t require an urgent hearing and fixed January 9 to hear his plea.

Till then market regulator Sebi would ascertain whether the title deeds of the company’s unencumbered properties submitted to the board are genuine or not. Roy has been restrained from travelling abroad for failing to have refunded Rs. 20,000 crore to  investors who had deposited in financial schemes that was declared illegal and in violation of SEBI rules by SC. On the court’s direction he has handed over title deeds worth the amount.

Roy’s application sought permission to travel from January first week to February 20.  However, during the hearing his counsel senior advocate CA Sundaram contended his client was willing to undertake to return within three days of a court order asking him to do so.

When the court asked for the imminent requirement to pass an order, Sundaram said Roy had meetings lined up in connection with his latest acquisition of hotels in London and New York. Tightening the noose around Sahara group for not refunding Rs. 20,000 crore investors money, the SC had on November 21 last year barred Roy from leaving the country and also restrained it from selling any of its properties.

The apex court had said its order for handing over title deeds of Rs. 20,000 crore unencumbered properties to Sebi was not followed by the group in "letter and spirit" and prevented Roy along with other directors of the group Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary from leaving the country.

Three contempt petitions filed by SEBI against Roy, the two firms — Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC) — and their directors are pending before the court.

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