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