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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as Kapil Sibal, appearing for him, informed the court that the financial institution backing the bank guarantee has withdrawn.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’s PSLV Along With 2 British Satellites Launched Successfully

Two satellites aboard the PSLV belong to Surrey Satellite Technologies Ltd (SSTL), UK, and is carried under commercial arrangement with Antrix Corp Ltd - the commercial arm of ISRO.

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Indian rocket lifts off with two earth observation satellites from UK
Indian rocket lifts off with two earth observation satellites from UK. Flickr

Indian rocket Polar Satellite Launch Vehicle (PSLV) lifted off successfully with two British satellites, NovaSAR and S1-4, from the rocket port here on Sunday night.

The PSLV-CA (Core Alone) version, standing 44.4 metres tall and weighing 230.4 tonnes, with thick orange flame at its tail lighting up the night skies rose up at 10.08 p.m. from the first launch pad.

The rocketport here has two launch pads.

PSLV
Indian rocket Polar Satellite Launch Vehicle  lifts off with two British satellites NovaSAR and S1-4, as seen from Chennai. IANS

According to the Indian Space Research Organisation (ISRO), after 17 minutes, 44 seconds following the PSLV lift-off, the two earth observation satellites will be launched into a 583 km sun synchronous orbit.

NovaSAR weighing 445 kg is a S-Band Synthetic Aperture Radar satellite intended for forest mapping, land use and ice cover monitoring, flood and disaster monitoring.

 

PSLV
Indian rocket Polar Satellite Launch Vehicle  lifts off with two British satellites NovaSAR and S1-4, as seen from Chennai on Sept 16. IANS

S1-4 weighing 444 kg is a high resolution Optical Earth Observation Satellite, used for surveying resources, environment monitoring, urban management and for disaster monitoring.

 

Also Read: ISRO Expects to Fly Its First Small Rocket Sometime Next Year

Two satellites aboard the PSLV belong to Surrey Satellite Technologies Ltd (SSTL), UK, and is carried under commercial arrangement with Antrix Corp Ltd – the commercial arm of ISRO. (IANS)

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