SC allows Sahara Chief Subrata Roy to go abroad
The Supreme Court of India on Friday allowed Sahara Chief Subrata Roy and two other directors of the group to go abroad, but with a caveat.
The apex court said that Roy and the two other directors could travel abroad, but added a condition that they would have to return to India if property title deeds worth Rs 20,000 crore were not submitted to the Securities & Exchange Board of India (SEBI) within three weeks.
The permission was granted by a bench comprised of Justice K. S. Radhakrishnan and Justice J. S. Khehar.
On 28th of October this year, the Bench had asked the Sahara Group to deposit the original title deeds plus a valuation report within three weeks, failing which Roy and any other director could not leave the country.
The restraint order would operate after three weeks if the title deeds were not submitted with the capital market regulator.
The Securities & Exchange Board of India has moved a contempt petition against Roy, two Sahara Group firms - Sahara India Real Estate Corporation Limited (SIRECL) and Sahara India Housing Investment Corporation Limited (SHICL) - as well as their directors in the investor refund case.