Advertisement

HindustanTimes Fri,01 Aug 2014

Subrata Roy can't leave the country, says SC

PTI  New Delhi, January 28, 2014
First Published: 20:52 IST(28/1/2014) | Last Updated: 20:54 IST(28/1/2014)

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 furnished details of refunding of nearly Rs. 23,000 crore of investors’ money.

Advertisement

A bench of justice KS Radhakrishnan and justice JS Khehar said it would allow him to leave the country only when the Sahara Group furnished all the documents to reveal the source of the money it claimed to have refunded to its investors.

The SC said it would direct "further probe" against the group if it failed to show the source of the money.
"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, the day after we would allow you to go abroad".

The bench said the delay was on the part of the company and directed it to place all the documents including the bank statements sought by Sebi before February 11, when it would take up the case for hearing next.

The apex court had on November 21 last year barred Roy from leaving the country.


Advertisement
more from Business

Firms focus on investment, Jindal joins club

Indian and foreign companies have announced plans to invest about Rs 5 lakh crore since May this year, when the Narendra Modi-led NDA came to power, signaling a possible revival of the stalled investment cycle that has slowed down India’s GDP growth rate.

markets
Advertisement
Most Popular
Advertisement
Advertisement
Copyright © 2014 HT Media Limited. All Rights Reserved