New Delhi: In a bid to recover the amount of loan to Subrata Roy Sahara, the Supreme Court on Monday ordered to auction Sahara’s Aamby Valley.
The apex court came up with the verdict over the business conglomerate’s alleged failure to deposit money for refunding to its investors.
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The court had warned Sahara earlier this month that it would be granted no more extensions if it did not deposit the money in the SEBI-Sahara refund account by today, April 17.
“Whatever you do, we had told you that a substantial amount must come, otherwise we will be compelled to put up Aamby Valley for auction,” the bench had said, noting, “What matters is the money coming in the kitty.”
Subrata Roy was arrested and sent to jail in 2014 along with two Sahara directors for the failure of two group companies to comply with the court’s order of 2012 to return Rs. 24,000 crore to their investors.
Last year in May, the Supreme Court granted a four-week parole to Mr Roy to attend the funeral of his mother. His parole has been extended by the court ever since.
The top court has asked the group to provide a list of “unencumbered properties” which can be put for public auction to realise the remaining over Rs. 14,000 crore of the principal amount of Rs. 24,000 to be deposited with SEBI.