In a major setback to the Sahara Group and its chief Subrata Roy, the Supreme Court on Tuesday said that it will auction group’s Aamby Valley project if Sahara fails to deposit Rs 5,000 crore. Next hearing of the case will take place on April 17. The apex court had in its last hearing asked the Ghaziabad development authority to deposit Rs. 1,100 crore to the apex court registry for acquiring land from Sahara.
One international real estate company, M.G. Capital holdings had told the apex court three-judge bench, headed by Justice Dipak Misra to purchase the London-based New York Plaza hotel, as the company wanted to purchase Sahara stake in that hotel. Subrata Roy was sent to Tihar jail on March 4, 2014, for not complying with the apex court’s orders in connection with a long dispute with the market regulator SEBI.
The SEBI alleged that Roy allegedly failed to comply with the apex court’s order directing him to return the investors’ money. Sahara, once among India’s high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London. Sahara says it has paid more than 80 percent of the dues to shareholders, but SEBI has disputed that and said the company has not paid more than Rs. 10,000 crores.
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Meanwhile, Supreme Court extended Sahara Group Chief Subrata Roy’s parole till April 17 and asked him to deposit Rs 5092.6 crore to get bail.