Pune : Following Supreme Court directive, Bombay High Court has on Monday put the beleaguered Sahahara Group’s Amby Valley city near Lonavala for public auction.
Earlier, Sahara chief Subrata Roy had appealed the apex court to stay the auction process however, SC observed that Roy was unlikely to pay Rs. 1,500 crore and hence ordered a go-ahead.
However the court said, if Roy was be able to pay up Rs. 1,500 to Securities and Exchange Board of India(SEBI)’s refund account by 7 September, it could pass an appropriate order.
Senior, counsel Kapil Sibal, appearing for Sahara group had pleaded for 16 Sept as refund deadline to enable Roy to arrange the money.
Sahara Group had earlier sought 18 months time to repay around Rs. 9,000 crore in balance amount to principal sum of Rs. 24,000 crore.
Roy and two other directors were arrested for failure on part of the group’s two companies – Sahara Real Estate Corporation(SIRECL) and Sahara Housing Investment Corp(SHICL) to return Rs. 24,000 crore to its investors.
Roy spent almost two years in jail and was paroled the first time to attend his mother’s funeral. The parole has been extended since.