Will auction Aamby Valley if you fail to deposit Rs 5,092 crore, SC warns Sahara | india-news | Hindustan Times
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Will auction Aamby Valley if you fail to deposit Rs 5,092 crore, SC warns Sahara

The top court had asked Sahara to provide a list of “unencumbered properties” that can be put for public auction to realise the balance of Rs 14,000 crore that the company owes to the public after its financial schemes were declared illegal.

india Updated: Mar 21, 2017 23:09 IST
HT Correspondent
Sahara boss Subrata Roy was granted parole on May 6 last year to attend the funeral of his mother. His parole has been extended from time to time.
Sahara boss Subrata Roy was granted parole on May 6 last year to attend the funeral of his mother. His parole has been extended from time to time.(Mint File)

The warned the Sahara group on Tuesday that it would auction its Aamby Valley project in Pune worth Rs 39,000 crore if the company failed to keep its promise to deposit Rs 5,092 crore by April 17 with market regulator SEBI.

A bench headed by Justice Dipak Misra also directed the international real estate firm, which showed willingness to buy Sahara’s stake in New York-based Plaza Hotel for $550 million, to deposit Rs 750 crore with SEBI in the refund account and not the apex court registry as it suggested. The amount should be deposited to show its bonafide, the court told the company’s counsel.

“We will auction your (Sahara) Aamby Valley project if the money is not deposited within the stipulated time period as promised,” the bench, also comprising Justices Ranjan Gogoi and AK Sikri, told the company counsel.

The SC has already directed attachment of Sahara’s prime property for realisation of money to be paid to its investors.

The top court had also asked the group to provide a list of “unencumbered properties” that can be put for public auction to realise the balance of Rs 14,000 crore that Sahara owes to the public after its financial schemes were declared illegal.

Sahara boss Subrata Roy was granted parole on May 6 last year to attend the funeral of his mother. He walked out of jail two years after he was sent to Tihar for allegedly evading the top court’s summons requiring his personal presence. His parole has been extended from time to time.