There seems no end to the troubles for Sahara Group and Subrata Roy as the Supreme Court (SC) on Monday ordered them to make the due payments by auctioning Sahara’s prime properties, Aamby Valley City, at Lonavala, Pune.

A bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri also directed Sahara to submit a list of its properties that are unencumbered and free from any litigation or mortgage till the next hearing which has been fixed for February 20.

Aamby Valley City is in Pune, Maharashtra developed by the Sahara Group that is to be put under auction. The plush properties at Lonavala are estimated to be around Rs 39,000 crore.

Sahara admitted to the apex court that it was to pay Rs 14,779 crore to the Securities and Exchange Board of India (SEBI), out of which the payments of Rs 11,000 crore has been made so far.

But the court came with the order saying the repayment deadline allotted to Sahara, which was till July 2019, was too long and in order to compensate the dues quickly, it wanted the group to auction properties.

The group also claimed to have submitted around Rs 600 with SEBI on Monday.

Sahara India Real Estate Corporation Ltd. (SIRECL) and Sahara Housing Investment Corporation Ltd. (SHICL) were asked on August 31, 2012, to return to the investors Rs 17,600 crore with 15 per cent interest that the two companies raised through Optionally Fully Convertible Debentures (OFCD) in 2008 and 2009.

Subrata Roy, his son-in-law Ashok Roy Choudhary and group’s Director Ravi Shankar Dubey, who are now on parole, were sent in judicial custody to Tihar Jail on March 4, 2014, for the failure of the two companies to comply with the court’s August 31, 2012, order.

Roy was granted parole on May 6, 2016, to perform the last rites of his mother who passed away on May 5. Besides Roy, Choudhary too was released on parole. Dubey was released on parole later.

(With inputs from IANS)

First Published | 6 February 2017 7:02 PM
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