The Supreme Court Thursday directed Sahara group chief Subrata Roy to appear before it on February 28 for failing to deposit Rs 25,700 crore for repaying investors in the SEBI-Sahara case. The top court said six months were given to Sahara by its last order to arrange the amount but what has transpired during the period has not inspired the confidence of the court. The apex court bench headed by Chief Justice Ranjan Gogoi noted that the group has deposited only Rs 15,000 crore. The bench, also comprising Justices A K Sikri and S K Kaul, declined to give any further chance to Roy and other directors to comply with its previous orders. A three-judge bench headed by Chief Justice Ranjan Gogoi was irked over the fact that Roy, who was directed way back in August 2012 to pay around Rs 25,700 crore, has been unable to pay the amount despite "several opportunities and indulgence", and said that now the law will "chart its own course". The bench, which also comprised Justices A K Sikri and S K Kaul, did not allow the contention of senior lawyer Vikas Singh, appearing for Roy, that it was a case of "double payment" of investors' money as the dues have already been paid. The plea of Singh that SEBI be directed to conduct verification of the group's claims of payments made to investors was rejected by the bench which said that this has been raised several times in the past. "You are unable to deposit the money. We will ask whosoever is the person has to appear in person," the bench said and passed the direction that it is declining the plea for giving more opportunities to Roy and other directors for making payment of around Rs 5,000 crore dues. "We do not see the situation changing. You had sought two years time and now more than two years have passed. You have been given sufficiently long rope," the bench said. "The matter has been listed after six months.and what has transpired in six months did not inspire confidence of this court," the bench said while refusing to grant any more time to the group for arranging the money. Besides Roy, two other directors - Ravi Shankar Dubey and Ashok Roy Choudhary - will have to appear on the next date of hearing.
