Decided on May 11,2016

S.E.B.I. Appellant
Sahara India Real Estate Corpn. Ltd. And Others Respondents


- (1.) By our Order dated 06.05.2016 passed in I.As. No. 180-182 we had directed release of Subrata Roy Sahara and Ashok Roy Choudhary from Tihar jail for a period of four weeks to be held in protective custody by a team of police officials deputed by the Commissioner of Police. That order has been complied. Both Subrata Roy Sahara and Ashok Roy Choudhary are currently in Lucknow in connection with the death ceremonies of late Smt. Chhabi Roy, mother of Shri Subrata Roy Sahara.
(2.) When the matter came up today, M/s. Subrata Roy Sahara and Ashok Roy Choudhary strenuously argued that given an opportunity, the aforementioned two contemnors would deposit a minimum amount of Rs. 200/- crores (Rupees Two hundred Crores only) with SEBI by the 11th July, 2016 to prove their bonafides.
(3.) Mr. Arvind Datar, learned senior counsel appearing for SEBI submits that if the applicants file individual undertakings to the effect that they shall deposit a sum of Rs. 200/- crores by the 11th July, 2016, the arrangement made by us in terms of our Order dated 6th May, 2016 could be extended till the 11th July, 2016. It is submitted that from the list of properties filed today and situate within and outside the country, it appears that the Saharas are possessed of sufficiently large assets to enable them to raise for deposit with SEBI the requisite amount in terms of the earlier directions of this Court. Their omission to do so, however, suggests that they have no intentions of depositing the amount unless forced to do so. Be that as it may, so long as the Saharas are ready to prove their bonafides by deposit of at least Rs. 200/- crores which is in comparison to the total amount liable to be deposited just about a fraction. They could be permitted to do so by extending the existing arrangement.;

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