Sebi asks Sahara chief Subrata Roy to Pay ₹626 billion to avoid jail
Live MintIndia’s markets regulator has petitioned the Supreme Court to direct tycoon Subrata Roy to pay ₹626 billion immediately, or cancel his parole if he doesn’t yield. The Securities and Exchange Board of India said the outstanding liability of the Sahara India Parivar group’s two companies and the group’s chief Roy stand at ₹626 billion, including interest, according to court filings seen by Bloomberg. India’s Supreme Court in 2012 ruled that Sahara group companies violated securities laws and illegally raised over $3.5 billion. Roy’s case, which featured in Netflix series Bad Boy Billionaires, is among stories of fallen business tycoons in Asia’s third-largest economy and India’s efforts to go after the rich and famous who failed to pay their dues.