The Supreme Court on Tuesday rejected the plea of Sahara group chief Subrata Roy to let him travel abroad. The top court ruled that Mr Roy cannot leave India until his company furnishes all the relevant documents pertaining to the source of money it claims to have repaid investors.
In August 2012, the Supreme Court ordered Sahara to refund Rs. 24,000 crore to millions of small investors after the judges ruled that the finance schemes run by two group companies were illegal.
Sahara firms offered seemingly lucrative bonds to investors, promising, in some cases, to return three times the face value after a period of 10 years. The money was collected in violation of market regulator Securities and Exchange Board of India (Sebi) norms.
Sahara claims to have paid all the money it raised from investors and has also deposited Rs. 5,000 crore with Sebi. However, the company has not furnished documents to show where it got the money to pay the investors.
Issuing an ultimatum to Sahara, the Supreme Court said this is the last opportunity for the company to reveal the source of the money.
The next date for hearing has been set at February 11.
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