Sebi-Sahara: SC tells Subrata Roy to submit Rs 2,000 cr by 15 June or return to Jail

The Supreme Court on Thursday granted relief to Subrata Roy of the Sahara group after he gave an undertaking in the court to pay Rs 1,500 crore in SEBI-Sahara account on or before 15 June. Roy, according to a PTI report, furnished a post-dated cheque of Rs 552 crore to be realised by 15 July.

The court, which extended Roy's parole until 19 June, has warned the embattled businessman that if the cheque is not realised, he will be sent back to the Tihar Jail.

The court also asked the Bombay High Court's official liquidator to prepare terms for auctioning Aamby Valley for its approval on 19 June. The bench also asked Subrata Roy to be present in the court on 19 June, the next date of hearing.

Subrata Roy. PTI file photo

Subrata Roy. PTI file photo

Meanwhile, the court on Thursday sent one Prakash Swamy -- the power of attorney holder for a US-based company that had shown interest in buying Sahara's New York-located Hotel Plaza -- to jail for one month for not depositing Rs 10 crore fine ordered by the court for backing out and misleading the court.

The bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri sent Swamy to jail after the court was informed that he has not deposited Rs 10 crore, as ordered by the court during the last hearing.

Swamy had earlier told the court that US-based MG Holding was buying Sahara's Plaza Hotel, following which the court has asked him to deposit Rs 750 crore in Sahara-SEBI account to prove their bona fides.

However, in the next hearing, the court was informed that the US company had withdrawn the offer after doing due diligence of the property it was planning to buy.

On 17 April, the court had ordered the auctioning of the Rs 34,000 crore worth properties of the Sahara Group at the Aamby Valley.

"As no amount has been deposited by the contemnor (Roy), we are inclined to go ahead with auction for the Aamby Valley City near Lonavala, Maharashtra," the bench headed by Justice Dipak Misra had said.

The Sebi has alleged conempt of court by the Sahara group and Roy for not submitting the money to be refunded to the investors. The court had in 2012 ordered the Sahara group to pay back Rs 25,000 crore along with interest to investors from whom two Sahara entities had raised funds using illegal optionally fully convertible debentures.

After waiting for so many years, the court finally decided to auction the Amby Valley property to raise the amount to be repaid to the investors.

It directed the apex court registry to send a copy of its order to the OL, who, in turn, "must complete the exercise of valuation within ten days and send a report to this court".

"Arvind P Datar, senior counsel being assisted by Pratap Venugopal, counsel appearing for SEBI, shall provide necessary details of the said property to the OL (official liquidator), who with his team, shall make the valuation and proceed with the auction.

"Counsel appearing for the contemnor (Roy) shall provide all necessary details of the property also to the OL within 48 hours," the bench had said on 17 April.

Taking serious note of Roy's parole extension, it said he should have been taken into custody after conducting last
rites of his mother and "indulgence" was granted for repayment of money in the SEBI-Sahara account.

With PTI, IANS inputs

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Updated Date: Apr 27, 2017 17:47:21 IST

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