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SC warns Sahara's Subrata Roy: Pay up Rs 1,500 cr by 15 June or return to jail

The Supreme Court on Thursday extended until 19 June the parole of Sahara chief Subrata Roy with a warning that failure to meet the deadline of 15 June for the payment of Rs 1,500 crore would land him in prison once again.

Roy, who in compliance with the last order appeared before the court, was told by the apex court that he has to frequently make the payment as per the roadmap approved by the court or face further imprisonment.

Subrata Roy. PTI file photo

Subrata Roy. PTI file photo

The Sahara chief gave an undertaking to a bench headed by Justice Dipak Misra that he would deposit Rs 1,500 crore by 15 June and another payment of Rs 552.22 crore by 15 July in the Sebi-Sahara account and filed an affidavit.

The apex court warned Roy that he may be sent to jail again if amount is not paid.

"We are warning you today, if cheques are not realised, amount does not come, we will be compelled to send you to Tihar Jail straight away from here," the bench told Roy asking him to be present on the next date of hearing on June 19.

Roy was present in the court in pursuance to April 17 direction to be present in the court in person.

Seeking some more time to pay the money, he told the court that he would pay Rs 1,500 crore by June 15, another Rs 552 crore by July 15 and Rs 3,000 crore by October 30.

The bench, which also comprised Justices Ranjan Gogoi and A K Sikri, also ordered the arrest of Chennai-based Prakash Swamy, who failed to deposit Rs 10 crore as per the last order. He will serve one month-jail for contempt of court.

Swamy had filed an affidavit on behalf of a foreign firm expressing his intent to buy Sahara's New York-based hotel.

He had failed to comply with the apex court's direction to show his bonafide by depositing the amount in court to establish his intention to buy the property.

The bench allowed the Sahara group to make electronic payment through RTGS in the Sebi-Sahara account on or before June 15.

Sahara has still to pay balance Rs 11,169 crores of the principal amount of Rs 25,781 crore to the investors from whom two group companies - SIRECL and SHICL - had illegally raised funds in 2008 and 2009 through OFCDs.

Asking Roy to be present in the court on June 19 when court would hold further hearing in the matter, the bench in the meanwhile asked the official liquidator of Bombay High Court Vinod Sharma to proceed with the preparation of the terms and conditions for the auction of Sahara's Aamby valley property.

The court said that the reserve price for the auction of Aamby Valley would be Rs 37,392 crore.

The terms and conditions would be placed before the court on June 19 for it consideration and approval.

The official liquidator of Bombay High Court in a report on the worth of the Aamby Valley by an evaluator said that the market value of Aamby Valley is Rs 37,390 crore and the fair value is Rs 43,000 crore.

Senior counsel Kapil Sibal, appearing for Roy, too quoted a price that was little more than the one quoted by the evaluator but said that the enterprise value of the property was Rs 1 lakh crore.

With inputs from PTI, IANS

Updated Date: Apr 28, 2017 07:30 AM

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