SEBI has asked Subrata Roy, head of Sahara Group and his two companies to deposit Rs 62,600 crore. This has been revealed by a SEBI petition in the Supreme Court. SEBI has said that if the company does not deposit the money of the investors to SEBI, then the culprits should be arrested. According to media reports, SEBI has told the Supreme Court that Sahara Group has failed to comply with the court orders of 2012 and 2015 stating that it should refund the deposited amount from investors with 15% interest. SEBI has filed a petition in this regard on Wednesday.
Significantly, the head of Sahara Group, which once built a big business empire, has been fighting for several years with SEBI over the withdrawal of thousands of crores of rupees from the investors. Investors have deposited this money in the group's bond schemes, which SEBI has declared illegal. In the same case, Subrata Roy was also taken into custody in the year 2014 on charges of not reaching the hearing and contempt of court and due to 2016, the reason is on bail.
Subrata Roy has been continuously denying that he is doing anything wrong and he says that the company is depositing money in a legitimate way and the investors' money is also refunded at maturity. SEBI has said that it is experiencing 'great inconvenience' due to Sahara not following the rules for the past year and if the company does not deposit the investors' money with SEBI, then the culprits should be arrested.
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