• search
For Quick Alerts
ALLOW NOTIFICATIONS  
For Daily Alerts

Pay up or we send you back to jail: Subrata Roy gets SC ultimatum

By Vicky
|

The Supreme Court on Thursday warned Sahara chief Subrata Roy that he will go back to Tihar jail is he fails to pay Rs 1,500 crore by June 15.

Sahara chief Subrata Roy

Roy who was present in court said that he always wanted to pay the money and had no intention of defaulting. Currently Sahara has to pay Rs 11,169 to SEBI as per the directive of the Supreme Court.

The court also sent one Prakash Swamy the power of attorney holder for a US-based company for not depositing Rs 10 crore fine. Swamy had shown interest in purchasing Sahara's Hotel Plaza. He however did not deposit the Rs 10 crore fine ordered by the court also also mislead the SC.

Further the SC said that if the first installment is not paid by June 15, then the official liquidator will asked to auction the Aamby Valley property. The court also directed the official liquidator to prepare a draft auction process and put it up for approval on June 19. The official liquidator told the SC that the reserve price for the auction of the Aamby Valley city has been pegged at Rs 37,392 crore.

When proceedings began, Roy was told to pay Rs 2,000 by July 15. Roy promised to pay the second installment of Rs 552 crore on July 15. The SC warned that both installments must be paid. If you fail to pay or your cheque is dishonoured, then we will send you back to Tihar jail, the court also warned.

OneIndia News

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more