SC rules Subrata Roy can't leave India till details furnished to Sebi

Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.

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 Tuesday, a bench of justices KS Radhakrishnan and JS 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.

The apex court said 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 the place all the documents including the bank statements sought by the Securities and Exchange Board of India (Sebi) before February 11 when it would take up the case for further hearings.