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SC Asks Sahara To Pay 709.82 Crore by July 4, Sahara Sells London's Grosvenor House

File photo of the Supreme Court of India.

File photo of the Supreme Court of India.

The Supreme Court on Monday granted Sahara chief Subrata Roy 10 more working days to deposit Rs 709.82 crore out of the promised Rs 1,500 crore and extended its interim order granting him bail till July 5.

New Delhi: The Supreme Court on Monday pulled up Sahara for falling short of paying Rs 709.82 crore as the business house was due to pay Rs 1500 crore by July 5.

SC has also informed Sahara chief that it derives no pleasure by sending Subrata Roy to jail, but Sahara needs to pay the remaining deposit by July 4. "Pay up and get away", said SC to Subrata Roy.

Today Sahara deposited another Rs 790.18 crore to ensure that Roy is let out on bail at least for now. SC has now warned Subrata Roy that he will be sent back to jail if the company fails to pay the money till July 4.

Sahara in the past made several failed attempts to raise the bail money by selling his high prized possessions such as The Plaza hotel in New York and the Grosvenor House in London. Sahara maintains that it has already paid more than 80% of the dues to investors, but Sebi differs and has submitted that more than Rs 10,000 crore remains unpaid.

But today, Sahara informed the apex court that it has sold the Grosvenor House at London to GH Equity UK Ltd.

The Sahara group told the Supreme Court that the sale has been done to raise money needed to pay off its dues to market regulator Sebi. Kapil Sibal appearing on behalf of the group informed the bench of justices Dipak Misra and Ranjan Gogoi that the money will be coming within 10 working days.

Roy on May 18 did not appear before the SEBI court after filing an exemption application on medical grounds.

However, the special SEBI court rejected Roy's plea. The SEBI court was to frame charges in the case against Roy and his three group firms' directors - Ravishankar Dubey, Ashok Roy Choudhary and Vandana Bhargava.

On April 21, a SEBI court had cancelled the non-bailable arrest warrants against Roy and three of his group firms' directors after they appeared before it in a case filed by the SEBI against them.

On April 17, the Supreme Court ordered the auction of Aamby Valley, Sahara’s marquee project in Maharashtra, as the company failed to pay Rs 300 crore as the first instalment of Rs 5,000 crore it was ordered to pay for allegedly duping the investors.

The court had said that the official liquidator of Bombay High Court will value the property and then proceed with valuation and auction. The apex court has directed Sebi to provide all the necessary details to the official liquidator within 48 hours. The property which is valued at Rs 34,000 crore is spread across 10,600-acre land near Pune.

ALSO READ: SC Orders Sale of Aamby Valley as Subrata Roy Fails to Pay Rs 300 Cr Instalment
first published:June 19, 2017, 17:28 IST