SC cracks whip on Sahara Group; attaches Aamby Valley project over non-payment of dues

In an effort to expedite the loan repayment saga, the Supreme Court on Monday attached Sahara's Aamby valley project, located in the hill station of Lonavala.

FP Staff February 06, 2017 17:00:58 IST
SC cracks whip on Sahara Group; attaches Aamby Valley project over non-payment of dues

In an effort to expedite the loan repayment saga, the Supreme Court on Monday attached Sahara's Aamby Valley project, located in the hill station of Lonavala. The property is estimated to be worth Rs 39,000 crores.

The Supreme Court also ordered the Sahara group to give a list of unencumbered properties that can be put to auction to realise the remaining Rs 14,000 crore of the principal amount that the embattled group has to repay the Sebi.

SC cracks whip on Sahara Group attaches Aamby Valley project over nonpayment of dues

Sahara Group Chairman Subrata Roy. Reuters

The Sahara, meanwhile, deposited Rs 600 crore as per the last order of the Supreme Court. The apex court would be hearing the matter on 20 February.

The latest development comes after the Supreme Court decided to hear the Sebi refund case on Monday. Sahara founder Subrata Roy's lawyer Kapil Sibal had earlier tried to advance the date of hearing, reported The Indian Express.

Roy is currently on interim bail. However, the Supreme Court, while allowing him interim bail, ordered him to repay Rs 600 crore to Sebi by 6 February.

During the last hearing of the case on 28 November last year, CNN-News18 noted that Sibal had told the court that Rs 11,000 crores would be paid by 2019.

Roy has been out of jail, after he was released on parole in May 2016, on account of his mother's death.

Besides Roy, the court had also granted parole to the jailed Sahara directors Roy Choudhary and Dubey.

Roy's parole was extended to November 2016, after the apex court noted that Roy had paid Rs 200 crore, out of the Rs 500 crore promised by him when he was granted parole.

Roy had been lodged in Tihar jail since 4 March, 2014 on the orders of the apex court in relation with a long running dispute with market regulator Sebi.

With inputs from PTI

Updated Date:

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