Supreme Court Tells Sahara To Deposit Rs 1,500 Crore By September 7
Supreme Court tells Sahara Group to deposit Rs 1,500 crore with Sebi by September 7.
The Supreme Court on Tuesday directed the Sahara Group to deposit Rs 1,500 crore by September 7 with the market regulator to keep its chief Subrata Roy out of jail and avoid the auction of its Aamby Valley property near Pune, Maharashtra.
The group informed the apex court that it has deposited Rs 247 crore, less than half of what the apex court had asked it to deposit by July 20. The remaining amount has been included in the sum the company has to pay by September 7.
The apex court also approved the draft sale notice for the auction of Aamby Valley assets. The court warned Sahara if the money is not deposited, it will auction the property. It fixed the next hearing on September 11, extending Roy’s parole till then.
On April 27, Sahara had given two post-dated cheques: one for Rs 1,500 crore dated June 15 and the other for Rs 500 crore dated July 15.
The Supreme Court had in April 2012 ordered two Sahara companies to refund Rs 24,000 crore, along with 15 percent interest, to more than two crore small investors who had invested in their optionally-fully convertible debentures between 2008 and 2011.
Roy was sent to jail on March 4, 2014 for failing to pay Rs 10,000 crore as ordered by the court. The court then said that Roy will not be released until he was able to raise half the amount in cash and the rest in bank securities.
After Roy’s mother died in May last year, the apex court granted him parole. The interim arrangement has since continued.