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Pay Dues by June 15, Else Tihar Awaits You: Supreme Court to Sahara Chief

On April 17, SC had ordered for the property to be auctioned after the company failed to pay Rs 300 crore as the first installment of the amount it was ordered to pay for allegedly duping the investors.

Debayan Roy | News18.com

Updated:April 27, 2017, 6:55 PM IST
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Pay Dues by June 15, Else Tihar Awaits You: Supreme Court to Sahara Chief
File image of Sahara chief Subrata Roy
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New Delhi: In a temporary relief, Sahara chief Subrata Roy, on Thursday, was given time till June 15 to deposit Rs 2,000 crore, failing which he would have to go back to Tihar jail.

A bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri accepted two postdated cheques from the 68-year-old, after he appeared in the court to submit the cheques, one worth Rs 500 crore and the other worth Rs 1,500 crore. Roy has further signed an undertaking to pay Rs 3,000 crore more by October 2017.

Roy was arrested in 2014 and granted bail last year to attend his mother’s cremation, post which his bail has been extended.

The apex court is looking to make sure that the Sahara chief pays back investors’ money, to the tune of Rs 5,000 crore, which he had allegedly collected through an illegal savings deposit scheme.

Roy’s appearance in court on Thursday was his last ditch attempt to save his lavish Aamby Valley property from being auctioned.

On April 17, SC had ordered for the property to be auctioned after the company failed to pay Rs 300 crore as the first installment of the amount it was ordered to pay for allegedly duping the investors.

Senior advocate Kapil Sibal, appearing for Roy, said there was no emergent need for the sale of the property, but the bench said it thought otherwise.

| Edited by: Nakshab Khan
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