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I-T moves SC with a tax demand of Rs. 4,800 crore from Sahara

There seems to be more trouble for the Sahara Group as the Income Tax department has now approached the Supreme Court with a tax demand of Rs 4,800 crore for the last 3 years. This comes even as Sahara chief Subrata Roy has sought an interim bail of 40 days.

Roy has sought bail to finalise the sale deal of three hotels in New York and London. Roy continues to be in custody with the Sahara group still struggling to pay the full amount required for his bail.

The Sahara group had on Monday filed an affidavit in the Supreme Court stating it has deposited Rs 3,117 crore so far with SEBI and that it is trying to raise more money to meet the condition of paying Rs 5,000 crore to get bail for its chief Subrata Roy.

Sahara counsel Keshav Mohan said that the group filed an affidavit in the apex court informing it that the company has so far raised Rs 3,117 crore and the amount deposited with SEBI.

Roy and two directors were sent to judicial custody on March 4 for the failure of group’s two companies’ SIRECL and SHICL to comply with the court’s order to return to investors Rs 24,000 crore that they had collected through Optionally Fully Convertible Debentures (OFCDs).

The apex court had ordered that Roy can be released on bail after depositing 10,000 crore with SEBI out of which Rs 5,000 crore is to be deposited in cash and bank guarantee for the remaining amount.

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