SC refuses to allow Subrata Roy to leave country

Subrata RoyThe Supreme Court on India once again refused to allow Sahara Group chief Subrata Roy to go abroad, declaring that it would grant permission only after the group furnishes all details relating to refunding Rs 20,000 crore of investors money.

When Roy's lawyer C. A. Sundaram argued in the court that his client wasn't personally liable to refunding the investor money and that he was being needlessly held up in India, the court said the delay in furnishing the required details had been by Saharas.

A bench of Justice KS Radhakrishnan and Justice JS Khehar also said that Roy could give the details and leave immediately.

The SC bench said in its ruling, "The delay in furnishing details of transactions has been by Saharas. You give the details by tomorrow and you can leave. Pay the money or show documents to prove that the money was paid. Do either of the options."

Roy's lawyer had claimed that his client had some urgent business meeting to attend abroad. He had also promised that Roy would return to India before the next date of hearing. But the senior lawyer failed to impress the court.

The apex court in August 2012 had directed Sahara Group's two companies, viz. the Sahara India Real Estate Corporation Ltd (SIRECL) and the Sahara Housing Investment Corporation Ltd (SHICL) to refund Rs 24,029 crore that they had irregularly collected from as many as 3 crore investors. Sahara Group has been claiming that it has already refunded most of the money to investors but it has so far failed to furnish details about how and when monies were transferred.