Mumbai: India's market regulator has filed a petition with the Supreme Court asking it to direct embattled Sahara conglomerate chief Subrata Roy and two of his companies to deposit 626 billion rupees ($8.4 billion) that it said was due to its investors. Roy was arrested in March 2014 for failing to attend a contempt of court hearing and has been on bail since 2016. "Saharas have made no efforts whatsoever to comply with the orders and directions," SEBI told the court. The regulator said that only a part of the principal amount had been deposited by Sahara and the balance with interest had ballooned to more than 626 billion rupees. SEBI had invited claimants through advertisements in about 150 newspapers but refunded just over 1 billion rupees to investors, the Sahara spokesman said in an email, adding that SEBI said last year it would not entertain any more claims.

Source: Mint November 19, 2020 10:52 UTC