The Supreme Court on Thursday declined to stay the auction of Aamby Valley, a day after Sahara Group approached the top court and asked it to put the auction of the valley on hold.
Earlier on July 25, Sahara Chief Subrata Roy was asked to deposit Rs 15,00 crore by the Supreme Court. Rs 15,00 crore was a part payment of Rs 24000 crore that the two group companies had raised from the investors.
Directing the sum be deposited by September 7, the court had permitted Roy to place before them a reasonable plan for the payment of balance amount over a period of 18 months – as he had himself sought.
On Wednesday, representing the Sahara Group in the Supreme Court, senior advocate Kapil Sibal mentioned the matter before a bench headed by Justice Dipak Misra, and sought to push back the publication of the sale notice and also for more time to review Sahara’s payment plan.
The Sahara India Real Estate Corporation Ltd. and the Sahara Housing Investment Corporation Limited had raised Rs 24,000 crore through optionally fully convertible debentures in 2007 and 2008. The top court by its August 31, 2012, order had directed Sahara to refund this amount with 15 per cent interest.
The court has been recovering money from the group in instalments. Sahara has paid Rs 16,000 crore till now.
(With inputs from IANS)