Supreme Court to hear Sahara-SEBI refund dispute today

Supreme Court to hear Sahara-SEBI refund dispute todayā€¯

The group had filed the petition to permit it to enter into an agreement with Royal Partners Investment Fund for selling it 26 per cent stakes in it for $1.6 billion.

In Monday's order the bench of Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri ordered the physical auction to take place on 10 and 11 October at Mumbai.

The SEBI had registered a case against Sahara India Real Estate Corporation, Sahara Housing Investment, their promoter Subrata Roy and the three directors in 2012, alleging that these companies had collected a huge sum of money from investors without listing the securities on the stock exchanges.

On August 10, the apex court had rejected Sahara chief's plea to put on hold the auction process of the group's Aamby Valley.

In fact, the court allowed the official liquidator to prepare for the scheduled auction of Sahara's Aamby Valley project. This was based on a Supreme Court directive from April 17, ordering the auction after Sahara failed to deposit money to refund its investors. Even as the official liquidator had fixed the reserve price of the property at Rs 37,392 crore, the Income Tax department has claimed Rs 24,843 crore, excluding interest, from the sale proceeds, the paper added.

It had said that the auction process will proceed as per schedule and if Rs 1,500 crore is paid by Roy in the Securities and Exchange Board of India (SEBI)-Sahara refund account by September 7, then it may pass an appropriate order.

Sahara chief Subrata Roy. Sahara Group has requested time till 11 December to make the payment in the Sebi -Sahara account, but the Supreme Court rejected the plea and gave its go-ahead for the Aamby Valley auction.

It rejected a plea by the company for time till November to deposit the remaining amount.

The Sahara Group had earlier sought 18 months time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.

As part of the last recovery, Sahara was required to deposit Rs552 crore, of which it deposited Rs247 crore.

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