Published: Tue, June 20, 2017
Economy | By Annette Adams

SC grants Subrata Roy 10 more days to deposit Rs 709.82 crore

SC grants Subrata Roy 10 more days to deposit Rs 709.82 crore

The Supreme Court today extended till July 4 the time for embattled Sahara chief Subrata Roy to deposit Rs 709.82 crore, out of Rs 1,500 crore which was to be aid by June 15, with a warning that failure to pay the remainder may again land him in jail.

On Monday, Sibal revealed that Sahara had managed to sell off one of its three global hotels - London's Grosvenor Hotel.

"If the balance amount is not paid by that date (July 4), we will be compelled to send contemnor to custody. we are sure that the situation would not arise", the bench added.

Roy had earlier deposited two cheques of Rs 1,500 crore and Rs 552.22 crore to be paid to the Securities and Exchange Board of India (SEBI) on June 15 and July 15 respectively.

Meanwhile, the court allowed Sahara Chief to sell Grosvenor House Hotel by transferring shares of the company to the buyer firm, GH Equity UK Limited. Appearing for Roy, senior counsel Kapil Sibal told a vacation bench of Justices Dipak Mishra and Ranjan Gogoi that his client had already deposited Rs 790.18 crore in the Sebi-Sahara account as directed by the court and requested that he be granted ten more days to pay the remaining Rs 709.82 crore. The company and the market regulator SEBI also informed the apex court that official liquidator of the Bombay high court has finalised terms, conditions and schedule for the auction of the Pune based, Aamby Valley project.The court also instructed SEBI to auction of 87.03 acre of land owned by Sahara in Haridwar, after the group had submitted before the court that the offer it was getting from a buyer was 38% below the circle rate, reports Cogencies. If money comes, there is no pleasure in sending contemnor (Roy) to jail. "We think that the said property shall be put to public auction by SEBI with the assistance of approved agency".

Sibal was seeking permission for inward remittance of the sale amount to the SEBI- Sahara account and an extension of time to deposit the money.

Last month, annoyed over non-payment of dues, the Supreme Court said "enough is enough" and chose to auction Sahara's Aamby Valley Hill City Estate near Pune, which is reportedly worth Rs 34,000 crores and spread over 10,000 acres land.

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