Economy

SC asks Sahara chief to deposit Rs 1500 crore by Sept 7

SC asks Sahara chief to deposit Rs 1500 crore by Sept 7”

The Supreme Court on Tuesday while approving terms for Sahara's Aamby Valley auction, ordered Sahara Group to deposit Rs 1,500 more by September 7.

The Supreme Court has also extended the duration of the parole granted to Roy. The court had granted Mr Roy a four-week parole on May 6, 2016 to attend his mother's funeral.

A three-judge bench headed by Justice Dipak Misra was informed by senior advocate Kapil Sibal, appearing for Roy, that the Sahara chief has deposited Rs 247 crore as against the promised amount of Rs 552.21 crore which was to be deposited in the refund account by July 15.

As it cleared all the terms and conditions submitted by Bombay High Court's official liquidator Vinod Sharma for floating a global tender to invite bids for the auction of Aamby Valley, the court said that if Sahara pays Rs 1,500 crore by September 7 and submits a plan, it would stall the process of auctioning Aamby Valley.

Sibal and and Rohatgi had sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount. A bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri said: "indulgence can not be granted to Subrata Roy as indulgence leads to procrastination and it is the murderer of justice".

Mr Roy was arrested in March 2014 for the failure of two Sahara group companies - Sahara India Real Estate Corporation Ltd and (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's 2012 order to return Rs 24,000 crore to their investors.

The bench fixed the matter for further hearing on September 11.



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