How you refunded 23000 crore rupees in 2 months: SC asks Sahara

Supreme Court ordered Sahara to specify the source of money in the next hearing. Sahara’s lawyer Kapil Sibbal said in SC that Sahara has returned the 24000 crore rupees to investors in last 2 months. on this point court asked how you have raised 24000 crore rupees in span of 2 months. They wanted to to know the source just to confirm if money really has been distributed.

On 26 February 2014, the Supreme Court of India ordered the arrest of Subrata Roy for failing to appear before it in connection with the Rs. 24,000 crore deposits his company has not refunded to investors. He was eventually arrested on 28 February 2014 by Uttar Pradesh police on Supreme Court’s warrant, in a dispute with Market Regulator – SEBI.

Roy is granted his first bail for four weeks to perform the last rites for his passed mother.

Since March 2014 he is under judicial custody with a bail amount of 100 Billion Indian Rupees, Sahara India Pariwar – Issuance of Optionally Fully-Fully-Convertible Debentures, by his two group companies, Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing & Investment Corporation Ltd. (SHICL)

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