Home National Will auction Aamby Valley if money not deposited: SC to Sahara

Will auction Aamby Valley if money not deposited: SC to Sahara


The Supreme Court today said if the Sahara Group fails to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17 in pursuance of its order, it will be compelled to auction its property valued at Rs 39,000 crore at Aamby Valley in Pune.

A bench headed by Justice Dipak Misra told the group that no extension of time would be granted for depositing the amount as it had assured the court that it would pay the money by April 17.

The observation came when the lawyer mentioned an interim plea seeking extension of time for depositing the money in the SEBI-Sahara refund account.

On February 28, the apex court had said that in case the substantial amount is deposited this court may think of extending the time, otherwise appropriate direction shall be issued.

The top court had earlier directed attachment of Sahara Group’s prime property for realisation of money to be paid to its investors.

The court had on November 28 last year asked Sahara chief Subrata Roy to deposit Rs 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

It had on May 6, 2016 granted a four-week parole to Roy to attend the funeral of his mother. His parole has been extended by the court ever since. Roy was sent to Tihar jail on March 4, 2014.

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