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Sahara Group chief Subrata Roy, who has been restrained from going abroad for failing to refund Rs 20,000-crore investors money, today moved the Supreme Court seeking its permission to go overseas for business purposes.
A Bench of justices K.S. Radhakrishnan and J.S. Khehar said that it would hear his plea on January 9 when the main case for handing over the title deeds of Rs 20,000 crore of the group’s unencumbered properties to SEBI would be taken up for hearing.
Senior advocate C.A. Sundaram, appearing for Roy, submitted that his client has some business overseas and he is needed there. He submitted that Roy would come back to India within three days of the notice period.
The Bench, after hearing his arguments, said that it would consider the plea on January 9 and also asked SEBI to respond to the nature of title deeds handed over to it by the group.
Tightening the noose around Sahara Group for not refunding Rs 20,000-crore investors money, the Supreme Court had on November 21 last year barred Roy from leaving the country and also restrained it from selling any of its properties.
The apex court had said its order for handing over the title deeds of Rs 20,000 crore unencumbered properties to SEBI was not followed by the group in “letter and spirit” and prevented Roy along with other directors of the group Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary from leaving the country.
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