Subrata Roy, Chairman, Sahara Group was jailed in March last year (2014) for issuance of two investment schemes and raising Rs. 24,000 crore deposits – which weas declared illegal by SEBI. Later, the money was not even refunded to the investors.
As part of the court proceedings, he was expected to hand over Rs 5,000 crore in cash and another Rs 5,000 crore by way of a bank guarantee for his bail, but Sahara has so far been able to generate only a fraction of it and hence he is still in jail.
As a result, the Supreme Court will now explore the option of appointing a receiver to auction off Sahara group’s properties to raise money to recover liabilities of over Rs 36,000 crore, after the jailed chairman Subrata Roy threw up his hands.
“If this is the pace at which things are moving when will it be all recovered? How long can we keep them in jail? Why can’t a receiver be appointed? He will sell the properties and deposit the amounts,” said Justice TS Thakur who is hearing the case along with Justices Anil R Dave and AK Sikri.
In addition, the justice threw sharp comments in response to another request for the bail plea:
“One thing which is troublesome is that the person (Roy) says there is an asset of Rs. 1,85,000 crore. He tells the court that he has so much of money but when it comes to paying one-fifth of that, he is unable to pay. The person who is blessed with so much money is sacrificing his liberty in jail and not parting away with his property. You are in jail by choice,”
What is even more shocking, is that man of this caliber, who created an empire of his own, won several awards and also became country’s second largest employer after Indian Railways – is now in a pity situation where even he can’t help himself. This is the vicious life circle that pays for your own doings!
Source: The Hindu