Sahara Group chief Subrata Roy will not be allowed to leave the country with the Supreme Court today refusing to relax its order restraining him from going abroad till his company furnishes details of refunding Rs 20,000 crore of investors money.
A bench of justices K S Radhakrishnan and J S 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.
It said that 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.
Also read: Sahara Group seen muzzling media by obtaining a book ban
"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 Sebi before February 11 when it would take up the case for further hearings.
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 the last date of hearing on January 9, the Supreme Court had warned the Group to reveal source of Rs 22,885 crore or be ready to face inquiry by CBI and Registrar of Companies. Sending a clear message that the court is not "helpless" in taking action for flouting its directions, the apex court had rapped Sahara chief Subrata Roy and the group for refusing to disclose the source of money.
It had on August 31, 2012 directed the Sahara group to refund Rs 24,000 crore by November end. The deadline was further extended and the companies were directed to deposit Rs 5,120 crore immediately and Rs 10,000 crore in first week of January and the remaining amount in first week of February.
The group, which had handed over the draft of Rs 5,120 crore on December 5, has failed to pay the rest of the amount. The two companies, their promoter Roy and directors Vandana Bhargava, Ravi Shankar Dubey and Ashok Roy Choudhary were told to refund the collected money to the regulator.
Three contempt petitions filed by Sebi against Roy, the two firms--Sahara India Real Estate Corp Ltd (SIREC) and Sahara India Housing Investment Corp Ltd (SHIC)--and their directors are pending before the court.
NTPC's Koldam hydel plant may get further delayed Mandi, Jan 28 (PTI) The commissioning of state-run NTPC's first hydro power project in Himachal Pradesh may be further delayed due to faulty construction work at the site.
The company, which started the process of filling up of the reservoir of the 800-MW Koldam project, could not complete the exercise as the reservoir was unable to hold the water for the project.
"It will take around next four to five months to complete the repairs and only after that the filling up could be started, " according to a company official. He said that now production can only start in the year2015 instead of March 2014, the earlier commissioning schedule of the project.
The process of filling up of the reservoir would take around 10 months, the official said. The project which was started in 2003, will have a cost over-run of about 20 percent. The approved investment of theplant was Rs 4,527 crore.
It has been delayed mainly due to environment and geological hurdles. The project was earlier slated for commissioning in 2009. The project will supply electricity to Delhi, Haryana, Punjab, Rajasthan, Uttar Pradesh, Himachal Pradesh, Jammu & Kashmir and Chandigarh.
Koldam has an installed capacity of 800 MW comprising of four units of 200 MW each. Himachal Pradesh, the home state of the hydel plant would get 12 percent free power as royalty, 15 percent at bus bartariff and 2.75 percent as the grid distribution share from the 800 MW project.
Bus bar tariff is the cost per kilowatt hour of producing electricity and includes the cost of capital, debt service, operation and maintenance, and fuel. According to sources, the loss on account of 12 percentfree power to Himachal Pradesh was more than Rs 150 crore annually.
The company is also executing three more hydel plants -- Tapovan Vishnugad (520 MW) and Lata Tapovan (171 MW) in Uttarakhand and and Singrauli Small Hydro Project (8 MW) in Uttar Pradesh.
At present, NTPC generates 42,454 MW of electricity and plans to add 14,000 MW in the current plan period (2012-17).
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