The Supreme Court on Monday ordered Sahara's luxurious 8,900 acre Aamby Valley City near Pune, Maharashtra to be auctioned as Subrata Roy failed to deposit Rs 5,092.6 crore with markets regulator SEBI to refund investors. The property is valued at Rs 39,000 crore. We can give enough indulgence. If you can't pay, go to jail, the Bench headed by Justice Dipak Misra said.
The court also appointed an official of the Bombay High Court as the liquidator to sell the prime property. It may be recalled that the court had earlier this month warned that it would not grant anymore extension if Roy did not deposit the money with SEBI. Whatever you do, we had told you that a substantial amount must come, otherwise we will be compelled to put up Aamby Valley for auction, the Bench observed.
The Supreme Court is hearing a matter to facilitate the recovery of Rs 14,000 crore Sahara Group owes to its investors. During the hearing Sahara admitted that it had to pay Rs 14,000 as principal money to SEBI. The company also said that it had already paid Rs 11,000 crore. The property is worth Rs 39,000 crore and the outstanding principal was Rs 14,000 crore, Sahara had argued.The court said that it was necessary to force Sahara and Subrata Roy to expedite payment of the balance Rs 14,779 crore. On the last date of hearing when Sahara sought time till July 2019, the court said it is too long and hence wanted to auction the properties to realise the dues..