Market regulator SEBI has moved the Supreme Court seeking payments
being made by the two Sahara firms for an amount of Rs 62,602.90 crores in compliance
with the apex court’s orders, failing which the organization demands Sahara
chief Subrata Roy be taken into custody, PTI reported.

According to SEBI, Roy and his two firms – Sahara India Real Estate
Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) –
have committed a ‘gross violation’ of various orders passed by the court
regarding deposit of money along with interest.

In its intervention application filed on November 18, SEBI said the
contemnors have not been complying with the court’s orders “despite the long rope
provided to them”.

SC, on August 31, had directed SIRECL and SHICL to refund the money
from individual investors or group of investors, with interests of 15% per
annum to SEBI.

SEBI said that as per the statements
filed by Sahara on June 14, 2012, the outstanding liability of SIRECL as on
April 30, 2012 stood at Rs 16,997 crores (principal amount) and the outstanding
of liability of SHICL as on April 30,2012 stood at Rs 6352 crores (principal
amount).

 SEBI further
stated that in terms of the 2012 order of the top court Sahara firms have till
date deposited Rs 15,455.70 crore which has been invested in fixed deposits of
various nationalised banks and as on September 30, 2020, the total amount along
with interest earned in SEBI-Sahara refund account is Rs 22,589.01 crore.

It said
that out of the total outstanding principal liability of Rs 25,781.32 crore, SEBI
has realised only Rs 15,455.70 crore from Sahara and from sale of properties of
the group.