11:36 am - Monday September 24, 2018

SC restrains Subroto Roy from leaving country

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SC restrains Subroto Roy from leaving country
SC restrains Subroto Roy from leaving country

The Supreme Court on Thursday restrained Sahara Group chief Subroto Roy and two directors from leaving the country as they have failed to comply with its October 28 orders.

By its October 28 orders, the court directed them to deposit unencumbered title deeds of their assets of Rs. 20,000 crore as a guarantee to return investors’ money, which they had collected thorough OFCD (Optionally Fully Convertible Debentures).

“We are prima facie satisfied that our order dated October 28, 2013, has not been complied with in letter and spirit. We direct all the contemnors not to move out of the country.”

The court also directed the Sahara Group not to sell or alienate any of its property till its October 28 orders are complied with.

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