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SC to Auction Sahara's Aamby Valley if it Fails to Deposit Rs 542 cr

An electronic billboard advertising Sahara Group is seen on top of a building (Reuters)

An electronic billboard advertising Sahara Group is seen on top of a building (Reuters)

Sahara India Pariwar had filed a plea, seeking more time to deposit the money. The Supreme Court shot down the petition, making it clear that Subrata Roy and group will face the legal action if the cheque is not honoured.

New Delhi: In a major setback to Sahara, the Supreme Court on Wednesday said if the conglomerate fails to deposit Rs 542 crore by July 15, its Aamby Valley City will be auctioned, setting July 20 as the next date of hearing.

Sahara India Pariwar had filed a plea, seeking more time to deposit the money. The Supreme Court shot down the petition, making it clear that Subrata Roy and group will face the legal action if the cheque is not honoured.

The Apex court also approved the official liquidator's plan to auction the Aamby Valley city but asked it to wait until July 15, 2017. "Why should we accommodate you anymore? We will sell Aamby Valley and get the money," the SC said. Roy had last deposited Rs 1500 crore in April.
first published:July 05, 2017, 17:04 IST