NEW DELHI – Why would a man like Sahara group chief Subrata Roy suffer two years of incarceration in Tihar if his dues did not add up to even a fraction of his personal wealth? Why would such a wealthy person not just settle his dues?
These were pointed questions the Supreme Court posed on Wednesday when it scanned details of Roy’s wealth while hearing his plea for an extension of his interim bail to six months after the business magnate was released on custodial parole on May 11 to complete rituals linked to his mother’s death.
Roy’s counsel Kapil Sibal showed a list of personal wealth and assets to assure the court Roy would not run away from the court-fastened Rs 36,000 crore financial liability, of which he has already deposited Rs 12,000-odd crore with market regulator Sebi.
Sibal presented a sealed cover document to a bench of Chief Justice T S Thakur and Justices A R Dave and A K Sikri listing Roy’s personal wealth including immoveable assets in India and moveable assets abroad, including gold and other precious items valued in euros, dollars and pound sterling.
Awestruck, the bench was about to blurt out the total value but Sibal stepped in at the right time to stop the court. “Please keep it secret and in sealed cover. If Roy is released for six more months he will pay every penny that is due from him. Market regulator Sebi can independently sell the assets,” he said.
An intrigued bench said, “Your wealth and assets are huge and valued at a price that is far bigger than the liabilities. A person with this kind of wealth, why did he suffer two years of incarceration and not pay up the dues. Why is he reluctant to pay?”
Sibal was at his persuasive best. He made a reluctant bench to see merit in his arguments by dramatically pulling out two cheques signed by Roy – one for Rs 500 crore that could be encashed in August and another for Rs 4,500 crore as a guarantee if the Sahara chief did not pay up.
Eventually, the court relented, saying that Roy file an undertaking within a week that he would deposit with Sebi a minimum of Rs 200 crore before July 11 to enjoy extension of interim bail till July 11. The SC also permitted him to travel anywhere in India.
However, it directed Sebi to commence sale of 60 prop-erties whose title documents Sahara has been submitted.
On account of Roy’s mother’s death, he and group director Ashok Roy Choudhary – who was sent to Tihar Jail in March 2014 for non-compliance of the SC’s 2013 judgment directing Roy to refund Rs 24,000 crore – were allowed to come out of jail.
