The Supreme Court Thursday restrained Sahara Group chief Subroto Roy and two directors from leaving the country as they have failed to comply with its Oct 28 orders.
By its Oct 28 orders, the court directed them to deposit unencumbered title deeds of their assets of Rs.20,000 crore as a guarantee to return investors' money, which they had collected thorough OFCD (Optionally Fully Convertible Debentures).
We are prima facie satisfied that our order dated Oct 28, 2013, has not been complied with in letter and spirit. We direct all the contemners not to move out of the country.
The court also directed the Sahara Group not to sell or alienate any of its property till its Oct 28 orders are complied with.
By its Oct 28 orders, the court directed them to deposit unencumbered title deeds of their assets of Rs.20,000 crore as a guarantee to return investors' money, which they had collected thorough OFCD (Optionally Fully Convertible Debentures).
We are prima facie satisfied that our order dated Oct 28, 2013, has not been complied with in letter and spirit. We direct all the contemners not to move out of the country.
The court also directed the Sahara Group not to sell or alienate any of its property till its Oct 28 orders are complied with.