SEBI asks Subrata Roy to pay $8.4 billion to avoid jail, Subrata Roy, Subrata Roy Sahara group, Subrata Roy news, Sahara chief Subrata Roy, Subrata Roy SEBI, Subrata Roy Supreme Court, business

Subrata Roy is Trending Again in News!

Business Finance Government

Subrata Roy is in news again. Earlier, he went to jail, and after the focus shifted from him to other topics. But after two years of him on parole, he is in news again. Now, one more petition against him went to the Supreme Court. This petition is by the Indian market regulator. And in the petition, they asked Subrata Roy to pay 626 billion rupees ($8.43 billion) immediately. And if he is not able to do so then cancel his parole.

SEBI came forward and told about the dues of Sahara India Parivar Group and its chief. Sahara’s two companies and the chief Roy have 626 billion rupees as dues. And this amount also includes the interest. Earlier, eight years back, this total amount was very less. Eight years back it was only 257 billion rupees. And now it rose to 626 billion rupees.

In the year 2012, the Supreme Court of India ruled against the company Sahara group. And at that time said that the company raised over $3.5 billion illegally. And also they violated securities laws. At that time SEBI was not able to trace the investors. And Sahara too wasn’t able to pay the dues. After which, Roy was sent to jail. The companies said the money was raised in cash from millions of Indians who could not avail of banking facilities.

Now the company is coming forward to say against it. It is saying, “It is wrong to demand by Sebi.” And the company added that SEBI is asking for more money. And it added 15% interest “mischievously”. Also, they can not pay SEBI because they already paid the investors. So, paying SEBI is not valid.

About Subrata Roy on Netflix

Roy’s case, which highlighted in the Netflix arrangement Bad Boy Billionaires, is among accounts of fallen business moguls in Asia’s third-biggest economy and India’s endeavors to pursue the rich and acclaimed who neglected to satisfy their obligations. Roy, who at various occasions possessed an aircraft, equation one group, cricket crew, rich lodgings in London and New York, and monetary organizations, remained in prison for more than two years and is as of now free from jail, but still under watch since 2016.

Roy has so far saved more than 150 billion rupees, SEBI said in the court recording. The court has not yet chosen when the case will be heard straight away.