Rejecting Subrata Roy’s plea for more time to deposit Rs 600 crore with SEBI, the Supreme Court on Thursday said the Sahara Group chief would be sent to jail if the money is not paid by February 6.
A new bench led by Justice Dipak Misra noted that the court had given “too much of indulgence” to the Sahara boss.
The bench, comprising Justice Ranjan Gogoi and Justice AK Sikri, toughened its stand and warned that Sahara’s properties would be attached and auctioned in case of violation.
Sahara wanted more time to pay, and claimed that demonetisation had hit the real estate market badly. The company, it said, was finding it difficult to arrange the funds.
A statement released by Sahara after the court order said the company will now deposit the money as per its November order.
Roy was released on parole by SC in May last year, two years after he was jailed. He was given parole on compassionate grounds when his mother died.
On October 25, the top court had extended his parole after the company deposited Rs 200 crore with SEBI for repayment of investors. His parole and that of directors Ashok Roy Choudhary and Ravi S Dubey was subsequently extended on the condition they deposit money at regular intervals.
In November, the company had proposed a roadmap to repay the outstanding amount of Rs 11,136 crores to SEBI, as per which Sahara would take two-and-a-half years to pay up.
As per the roadmap, Roy and the two directors would be jailed again if there are three defaults.