It was March 4, 2014 when Sahara chief Subrata Roy got here to the Supreme Court docket in his trademark white shirt and black half-waist coat in a white Bolero police automobile to look in pursuance to a non-bailable warrant towards him for failing to deposit Rs 25,700 crore within the SEBI-Sahara case for returning traders’ cash.
Subrata Roy, the architect of the huge Sahara Group, handed away on Tuesday on account of a cardiorespiratory arrest after a protracted sickness at Kokilaben Dhirubhai Ambani Hospital & Medical Analysis Institute in Mumbai. He was 75.
On that day in 2014, it was drama to the hilt outdoors the Supreme court docket when Subrata Roy got here sporting a black tie with Sahara brand and sporting double-shade glasses. Quickly, a person calling himself “Manoj Sharma, lawyer from Gwalior”, threw ink on Subrata Roy’s face, eliminated his personal shirt and began shouting that “he (Subrata Roy) is a thief and has stolen cash from poor”.
Regardless of the ink stain on his shirt, he appeared earlier than the judges exuding an air of confidence and willpower, a scene paying homage to Bollywood motion pictures, the place protagonists take issues into their very own palms.
Personally, arguing his case, Subrata Roy mentioned he needed another likelihood to honour the court docket order and mentioned that if he failed on this final endeavour he would come again to face earlier than the court docket and settle for punishment.
As Subrata Roy concluded his handle, a way of anticipation crammed the courtroom. Subrata Roy was positive he may persuade the judges and they’d see the advantage in his proposals.
A bench of justices (since retired) Ok S Radhakrishnan and J S Khehar remained unimpressed and despatched Subrata Roy to Tihar Jail “until he comes up with a concrete proposal” saying it was completely sad along with his proposal to refund cash to traders.
Subrata Roy got here out on parole after spending over two years in jail on Might 6, 2016 to carry out the final rites of his mom Chhabi Roy. He has been out of jail since then.
Subrata Roy and two different administrators, Ravi Shankar Dubey and Ashok Roy Choudhary, had been arrested for failure of the for failure of the group’s two corporations — Sahara India Actual Property Company (SIRECL) and Sahara Housing Funding Corp Ltd (SHICL) — to adjust to the court docket’s August 31, 2012 order to return Rs 25,000 crore to their traders.
The Supreme court docket, in certainly one of its orders, had famous that the Sahara group has already deposited round Rs 20,000 crore within the SEBI-Sahara account which incorporates Rs 15,000 crore and Rs 4,800 crore curiosity.
The Sahara group, all alongside, had been pleading that it was a case of “double fee” of traders’ cash because the dues have already been paid and market regulator SEBI be directed to conduct verification of the group’s claims of funds made to traders.
The Supreme court docket, nonetheless, had rejected the submissions a number of instances.
(Apart from the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)