Subrata Roy

In a case separate from the SIRECL/SHICL OFCDs, SEBI ordered Sahara India Commercial Corporation Limited, Subrata Roy and other former directors in 2018 to repay jointly and severally amounts collected during their periods of responsibility. The order concerned at least 14 106 crore rupees raised from approximately 1.98 crore investors. In March 2026, the Securities Appellate Tribunal dismissed the appeals and substantially upheld the decision.

State of the evidence

Documented

Following Subrata Roy's death in November 2023, the consequences of the Sahara disputes continued. Based on a Supreme Court order of 29 March 2023, a CRCS-Sahara portal was established to reimburse depositors of four group cooperative societies. As of 8 September 2026, the Ministry of Cooperation reported that 9 267 crore rupees had been paid to 41 56 711 depositors, with approximately 20 lakh claims still to process.

State of the evidence

Documented

Madhya Pradesh police executed non-bailable arrest warrants in 2022 against Subrata Roy and other Sahara executives in connection with a 2020 FIR concerning alleged financial irregularities and failure to repay investors' funds.

Attribution

Accused

In May 2022, the Patna High Court issued an arrest warrant for Subrata Roy after he failed to appear personally in a series of petitions seeking repayment of matured Sahara deposits. More than 600 interlocutory applications were mentioned in the proceedings at the time.

Attribution

Accused

As part of the continuing Sahara-SEBI litigation, the Supreme Court ordered the auction of Aamby Valley in 2017 to fund the repayment account. Amid difficulties and actions potentially obstructing the sale, the Court strengthened supervision by the Official Liquidator and a Court Receiver and warned that any obstruction could constitute contempt.

Faced with non-compliance with the deposit and repayment obligations imposed in the Sahara-SEBI case, the Supreme Court ordered Subrata Roy's detention in March 2014. He remained detained for more than two years before obtaining conditional release/parole under conditions imposed by the Court.

State of the evidence

Documented

Attribution

Directly implicated

SEBI concluded that two Sahara companies had raised funds from a very large number of investors through optionally fully convertible debentures without complying with the rules governing public offerings. In 2011, the regulator ordered the companies, their promoter Subrata Roy and certain directors to repay the amounts with 15% interest. The Supreme Court upheld the repayment obligation in 2012.

State of the evidence

Documented

Attribution

Directly implicated

In June 2008, the Reserve Bank of India prohibited Sahara India Financial Corporation Limited from accepting new public deposits and ordered repayment of existing deposits upon maturity, following regulatory proceedings and a further hearing prompted by Supreme Court intervention.

State of the evidence

Documented