The Sahara Goup had raised Rs 24,000 crore through its two group companies in 2008-09 through optionally fully convertible debentures (OFCDs).
SEBI, the market controller, directed the Sahara Housing Finance Corp Ltd and another company to return Rs.17,600 Crores and the SIRECL AND SHICL did not comply with the order. SEBI instituted a contempt plea against the two companies and the Supreme Court Of India is hearing the same.
Subrata Roy and two other directors of Sahara were sent to Tihar jail in New Delhi on March 4, 2014 over their failure to comply with the Supreme Court’s August 31, 2012 order asking the company to return to investors the money the two companies had raised with 15 per cent interest.
Subrata Roy was arrested and was let out on parole and The Supreme Court today refused to extend Subrata Roy’s parole and told the 68-year-old Sahara group chief that he is going back to jail.
A bench headed by Chief Justice TS Thakur cancelled the “interim arrangements” of granting him parole after market regulator SEBI’s counsel Pratap Venugopal told the bench that all the properties given by Sahara to the market regulator were already under attachment by Income Tax authorities.
Apparantly annoyed over this, the Chief Justice immediately ordered the cancellation of parole and directed Roy and the two other directors to be taken into custody and they will remain so till October 3 when the matter will again be taken up for hearing.