Supreme Court (SC) warned Sahara chief Subrato Roy to return money to Security Exchange Board of India (SEBI) investors before June 19th. If the cheque submitted by the Sahara group fails to liquidate till then, he has to face Jail Term in Tihar, told SC on Thursday.
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The three cheques submitted by Sahara amounts to 1550, 500 and 3000 crore.
The apex court bench which was headed by Justice Deepak Misra was told by Roy’s lawyer that he is here till he needs to be and will follow the order from the apex court.
Aamby Valley is valued at 49000 crore and it has been submitted to a top court under a seal.
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The SC on marched 21 warned Roy to give 5000 crore approx or the government will auction Aamby Valley. On April 17th the court ordered the auctioning of Aamby Valley.
Sahara claims it has paid almost 80% of dues but regulators claim only 10000 crore has been paid which is just around 55% of the total debt.
Roy was sent to Tihar jail on March 2014 under the charge of a long going dispute with SEBI regulators. Currently, he is on bail.