SEBI moves SC seeking Rs 62,000 crore deposit, 'absolutely wrong demand', says Sahara

The Sahara group has alleged that markets regulator is "acting biased" and is raising a "wrong demand" asking Sahara group to pay Rs 62,600 crore or $8.48 billion.

"It is absolutely wrong demand by SEBI. Hon'ble Supreme court has in the past directed us to deposit the principal amount which is around Rs 24,700 Crore and already there are more than Rs. 22,000 Crore deposited. SEBI has mischievously added 15% interest from the beginning so they are very wrongfully mentioning $8.48 billion," Sahara said in a statement.

"In fact SEBI had advertised throughout the country through around 150 newspapers inviting claimants but they could only pay around Rs. 107 Crore to investors. Also, SEBI has mentioned in the last advertisement which appeared almost a year back that they would not entertain any more claimants. Which means that there are no more claimants at all. How can there be claimants since Sahara has already paid back, long time back. SEBI is acting biased. It is a typical case of double payment," Sahara group said.

SEBI has petitioned the Supreme Court to direct Sahara Group chief Subrata Roy to pay Rs 62,600 crore immediately, or cancel his parole if he doesn't yield.

The markets regulator said the outstanding liability of the Sahara India Parivar group's two companies and the group's chief Roy stand at Rs 62,600 crore, including interest.