What is source of the money refunded to investors: SC asks Sahara chief Subrata Roy
On 2 September, the Supreme Court asked Sahara chief Subrata Roy to reveal the source of money which he claims to have refunded to investors.
The Supreme Court said that it was difficult for them to digest that so much money was refunded in such a short span of time, ANI reported.
On 26 August, told the Supreme Court that he is ready to pay an additional Rs 300 crore, which should be adjusted with the bank guarantee.
On 3 August, the apex court extended his parole till 16 September to enable him to deposit Rs 300 crore with market regulator Securities and Exchange Board of India (SEBI).
The Sahara chief was sent to jail on 4 May 2014, for his failure to comply with 2012 order directing him to return investors' Rs 17,600 crore with 15% interest that his two companies - Sahara India Real Estate Corp Ltd and Sahara Housing Finance Corp Ltd - had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
--With ANI inputs
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