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Rediff.com  » Business » Supreme Court allows Subrata Roy to go abroad

Supreme Court allows Subrata Roy to go abroad

November 01, 2013 17:23 IST

Subrata RoyThe Supreme Court on Friday allowed Sahara Chief Subrata Roy to go abroad and modified its order restraining him from leaving the country till the group hands over title deeds of Rs 20,000 crore (Rs 200 billion) to Securities and Exchange Board of India.

A bench of justices K S Radhakrishnan and J S Khehar considered the application of the group seeking modification in the order in chamber.

Roy's counsel and senior advocate C A Sundaram, who was present in the chamber, said after comming out that the bench accepted the plea for allowing Roy to abroad.

Sahara had moved the apex court on October 29 claiming that there was a mistake in its October 28 order restraining Roy from leaving the country till it hands over title deeds of its properties to Sebi.

It had submitted that that there was difference in the decision which was uploaded on the Supreme Court website and the order passed in the open court.

The counsel had submitted that while passing the order, the apex court had said if documents are not handed over to the market regulator within three weeks only then Roy would be restrained from going abroad.

Holding that it was playing ‘hide and seek’ and cannot be trusted any more, the court had directed Sahara Group to hand over title deeds of its properties to Sebi.

Making it clear that there is no ‘escape’ from depositing the investors' money with the market regulator, the apex court had asked Sahara to also give valuation reports of properties to SEBI which will verify worth of assets.

Image: Subrata Roy

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