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SC gives Sahara 18 months to pay up Rs. 36,000 crore

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New Delhi: The Supreme court on Friday gave 18 months to Sahara to repay Rs. 36, 000 crore of the investors’ money which its two companies, SIRECL and SHFCL, had collected in 2007-08 through OFCDs.

However, an apex court bench headed by Justice T. S. Thakur reiterated a March 26, 2014 order saying that Sahara chief Subrata Roy and two directors will only be released from Tihar jail, where they are in judicial custody, after Rs.5,000 crore in cash and a bank guarantee of like amount is deposited.

The court also approved the format of the bank guarantee given to it by Sahara.

The court said that Sahara will deposit the Rs. 36, 000 crore in instalments of Rs. 3, 000 crore every two months and the balance amount will be deposited in the last instalment.

In case Sahara defaults in paying two instalments, which may not be consecutive, SEBI will then encash the bank guarantee of Rs. 5, 000 crore, the court added.

If Sahara defaults on the payment of three instalments, which may not necessarily be consecutive, then Subrata Roy and two directors will surrender before Tihar jail authorities, failing which the police will arrest them, the court said.

The court has said that Roy will deposit his passport within 15 days before his release, will not leave the country and will also inform the police about his whereabouts.

However, the possibility of Subrata Roy coming out of jail has diminished as Kapil Sibal, appearing for him, informed the court that the financial institution backing the bank guarantee has withdrawn. He said that they will be arranging a fresh bank guarantee, for which efforts are on. (IANS)

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India successfully test fires n-capable Agni-V ballistic missile

The missile was earlier tested successfully in 2012, 2013, 2015 and 2016.

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Nirbhay
The Defence Research and Development Organisation (DRDO) sources said the Nirbhay missile test was "successful".(Representative image) VOA
  • India successfully tests the Agni-V ballistic missile on Thursday
  • This was the fifth test that missile underwent
  • With this success, India is now in ranks with US, UK, China and Russia

India on Thursday successfully tests fired its indigenously developed intercontinental surface-to-surface nuclear-capable ballistic missile Agni-V — the most potent and with the longest range in the Agni series – that can reach targets as far as Beijing.

The test took place at the Abdul Kalam Island facility off the Odisha coast. Defence Minister Nirmala Sitharaman tweeted about its success, congratulating its makers DRDO, the armed forces and the defence industry.

You may also like: Ballistic missile Agni-IV test fired as part of user trial

India has many high tech and powerful missiles to its name. Wikimedia Commons
India has many high tech and powerful missiles to its name. Wikimedia Commons

She said the successful test of the 5,000-km-range missile that can carry a one-tonne warhead, was “a major boost to the defence capabilities of our country”.

“The Made in India canistered missile, having three stages of propulsion, was successfully test fired,” she tweeted.

Developed by the Defence Research and Development Organisation (DRDO), the Agni-V is the most advanced version of the Agni series, part of the Integrated Guided Missile Development Programme that started in the 1960s.

The missile was earlier tested successfully in 2012, 2013, 2015 and 2016.

This was the fifth test of the missile and likely to be its first user trial, though there was no official word on it.

India is developing new technologies everyday to strengthen its defence.
India is developing new technologies every day to strengthen its defence.

Thursday’s test brings the missile closer to its induction in the tri-service Strategic Forces Command.

The missile has a much longer shelf life, with its container being made of special steel that absorbs the blast of the takeoff.

In the canisterised launch, a gas generator inside ejects the missile up to a height of about 30 metres. A motor is then ignited to fire the missile.

Also Read: Nikki Haley says North Korea Could Face Stronger Sanctions due to its 7th Missile test in 2017

With this missile, India joins the super-exclusive club of ICBM (missiles with a range of over 5,000-5,500 km) capable countries of the US, Russia, the UK, France and China. IANS

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