SEBI said – Subrata Roy pay 62,600 crore, otherwise….

0
4

New Delhi The difficulties of Subrata Rai, the owner of Sahara Group, have increased. The Securities and Exchange Board of India (Sebi), the regulatory body, has demanded that if Subrata did not pay Rs 62,600 crore to stay out of jail, his parole would be canceled. SEBI has said this through its petition to the Supreme Court. According to the regulatory body, two companies of Sahara India Pariwar group and the group’s head Roy owed Rs 62 thousand 600 crore. It also includes interest. Roy’s liability has crossed 25,700 crore. He was ordered to repay these eight years ago. However, in a statement issued on behalf of Sahara Group on Thursday, it was a completely wrong demand from SEBI. It was also claimed that SEBI wrongly added 15% interest. This is a double payment case, as the companies have already paid the investors.What is the matter?In fact, the Supreme Court ruled in 2012 that Sahara Group companies violated security laws and illegally created 3.5 billion dollars. However, companies said that the money was made as cash and grew. These funds came through millions of Indians who could not avail banking facilities. SEBI could not trace the investors, but when the Sahara companies failed to pay the amount, the court sent Roy to jail. However, Roy’s case is depicted in Netflix’s Bad Boy Billionaires series, which deals with failing / defunct business tycoons (failing to repay debt) in Asia’s third largest economy (India).Out on parole since 2016Subrata Roy is interfering in a wide range of works and fields. Their airlines, Formula One team, cricket team, Plush Hotel in London and New York, financial companies have been there once. But due to time, he brought them to the floor with hailstones and for two years he also had to be jailed. He has been out on parole since 2016.

LEAVE A REPLY

Please enter your comment!
Please enter your name here