1. Huge setback for Subrata Roy, Supreme Court rejects plea, Sahara chief’s woes rise further

Huge setback for Subrata Roy, Supreme Court rejects plea, Sahara chief’s woes rise further

In a major setback for Sahara chief Subrata Roy, the Supreme Court today rejected its plea for more time to deposit remaining Rs 966.80 crore out of Rs 1500 crore by November 11 in Sebi-Sahara account.

By: | New Delhi | Published: September 11, 2017 9:52 PM
Supreme Court, Subrata Roy, Sahara Group, Sahara chief Subrata Roy Supreme Court permitted the official liquidator to go ahead with the scheduled auction of the company’s Aamby Valley project at Mumbai. (Reuters)

In a major setback for Sahara chief Subrata Roy, the Supreme Court today rejected its plea for more time to deposit remaining Rs 966.80 crore out of Rs 1500 crore by November 11 in Sebi-Sahara account.  As per PTI, the top court also permitted the official liquidator to go ahead with the scheduled auction of the company’s Aamby Valley project at Mumbai.

Earlier, the Income Tax department had staked a claim to around Rs 24,000 crore from proceeds of the proposed sale of Sahara Group’s Aamby Valley City in Pune, an Indian Express report said. Even as the official liquidator had fixed the reserve price of the property at Rs 37,392 crore, the Income Tax department has claimed Rs 24,843 crore, excluding interest, from the sale proceeds, the paper added. It further saidthat this claim is the tax allegedly due to the department from Aamby Valley Ltd (AVL), which owns the Aamby Valley City.

According to the report, on April 26, this claim was made to official liquidator, after the apex court ordered the auction of Aamby Valley in February for non-submission of more than Rs 5,092 crore by the Sahara Group, Indian Express report added.

The Supreme Court had earlier asked Sahara chief Subrata Roy to deposit Rs 1,500 crore by September 7. It had also said that if the group pays on time, the auction would be halted.

Earlier this year, the tax department had issued a demand notice of Rs 24,646 crore to AVL after conducting a special audit of the company. the department also noticed that an income of over Rs 48,000 crore for the assessment year 2012-13 was allegedly not reflected in record book raising fresh tax demand and penalty amount, the paper said further.

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