SC Threatens Sahara to Pay up Else it Would Auction Aamby Valley
Today the apex court modified its February order, and stated that the money to be paid to the investors be paid in the SEBI-Sahara account instead of the SC registry.
File Photo of the Supreme Court of India.
New Delhi: While hearing the dispute between Sahara Chief Subrata Roy and Securities and Exchange Board of India (SEBI) over non-payment of money to crores of investors, the Supreme Court warned Sahara that if the company fails to deposit the amount of Rs 5000 crores, SC would auction off its star project in Maharashtra, the Aamby Valley project.
The SC bench taking a stern note of the consistent non-payment said that “If money does not come into the accounts, then your Aamby Valley project will be sold.”
In an earlier hearing on February 6, the special bench of Justices Dipak Misra, Ranjan Gogoi, and A.K. Sikri was not satisfied with the recourse Sahara group was resorting to for paying the duped investors. Hence the bench had attached the group star real asset, the Aamby Valley property which has a ‘declared worth of Rs 39,000 crore’ as a sure-shot measure to ensure the recovery of money it owes to the investors. The court had remarked that the property was "substantial" enough for the recovery of the amount.”
Today the apex court modified its February order, and stated that the money to be paid to the investors be paid in the SEBI-Sahara account instead of the SC registry. The counsel for Sahara submitted to the court that “without an account number, the applicant cannot transfer the amount due to anti-terrorism treaties.” Hence the court stated that the applicant should be provided with all the “details of SEBI-Sahara refund account during the course of the day.”
Roy was sent to Tihar jail on March 4, 2014 as he did not comply with the SC orders in relation to its long drawn tussle with market regulator SEBI. SEBI had alleged that Roy did not comply with the SC directive to return the investor’s money.
Sahara in the past made several failed attempts to raise the bail money using its high prized possessions such as the Plaza in New York and Governor House in London. Sahara maintains that it has already paid more than 80 percent of the dues to share-holders, but SEBI differs and has submitted that more than Rs 10,000 crores remain unpaid.
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