The Supreme Court on Monday came down heavily on Sahara group chief Subrata Roy for delaying the sale of properties to refund Rs 36,000 crore including interest to its investors and asked Securities and Exchange Board of India (Sebi) to move an application seeking appointment of a receiver for sale of the company’s properties.
“What troubles us is you had said you have properties worth Rs 1,85,000 crore and you have so much of money but when it comes to paying one-fifth of that you are unable to pay. A person blessed with money sacrificing his liberty in jail and not willing to sell properties. You are in jail by choice,” a three-judge bench headed by Justice TS Thakur told Sahara’s counsel Kapil Sibal who opposed the court’s proposal to appoint a receiver.
“Let the properties be taken over and sold and the money be deposited with the receiver as it is apparent they are incapable of generating money and selling properties,” the bench said.