Sahara Group chief Subrata Roywill not be allowed to leave the country with theSupreme Court on Tuesday refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
A bench of justices K S Radhakrishnan and J S Khehar said that it will allow him to leave the country only when the Sahara group furnishes all the documents to reveal the source of Rs 22,885 crore which it claimed to have refunded to its investors.
It said that if the company failed to show the source of the money then it would direct “further probe” against the group and brushed aside an impassioned plea of Roy’s counsel who submitted that his client be allowed to go abroad for business purposes and he will return before the next date of hearing.
“Everything is going in a circle. We want to finish this aspect of the case on the next date of hearing,” the bench said adding “If you give the source then a day after we would allow you to go abroad”.
The bench said that delay is on the part of the company to furnish details and directed the group to place all the documents including the bank statements sought by SEBI before February 11 when it would take up the case for further hearing.
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.
On the last date of hearing on January 9, the Supreme Court had warned the group to reveal source of Rs 22,885 crore or be ready to face inquiry by CBI and Registrar of Companies.