Sahara Group chief Subrata Roy moves Supreme Court seeking permission to go abroad

Subrata RoyThe Supreme Court has tightening the noose around Subrata Roy-led Sahara group for not refunding Rs 20,000 crore investors money.

Sahara Group chief Subrata Roy, who has been restrained from going abroad for failing to refund Rs 20,000 crore investors money, today moved the Supreme Court seeking its permission to go overseas for business purposes.

A bench of Justices K S Radhakrishnan and J S Khehar said that it would hear his plea on January 9 when the main case for handing over title deeds of Rs 20,000 crore of group's unencumbered properties to SEBI would be taken up for hearing.

Senior advocate C A Sundaram, appearing for Roy, submitted that his client has some business overseas and he is needed there. He submitted that Roy would come back to country within three days of the notice period.

The bench, after hearing his arguments, said that it would consider the plea on January 9 and also asked the SEBI to respond on the nature of title deeds handed over to it by the group.

Tightening the noose around Sahara group for not refunding Rs 20,000 crore investors money, the Supreme Court had on November 21 last year barred Roy from leaving the country and also restrained it from selling any of its properties.

The apex court had said its order for handing over title deeds of Rs 20,000 crore unencumbered properties to SEBI was not followed by the group in "letter and spirit" and prevented Roy along with other directors of the group Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary from leaving the country.

In his application, Roy pleaded the apex court to consider his plea sympathetically and allow him to visit UK and USA.

Three contempt petitions filed by SEBI against Roy, the two firms--Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)--and their directors are pending before the court.

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