Subrata Roy, Sahara Group Chairman (PTI Photo, File)
The Supreme Court on Tuesday asked Sahara group chairman Subrata Roy to deposit Rs 1,500 crore in the Sebi-Sahara refund account by September 7 and gave the go ahead for commencing proceedings for auctioning the Aamby Valley property owned by the group.
Senior counsel Kapil Sibal who represented Roy told a three-judge bench headed by Justice Dipak Misra that Sahara chief had deposited Rs 247 crore in the account by July 15 and pleaded for time till August 12 to deposit the rest Rs 302.51 crore to honour a cheque that he had given to Securities and Exchange Board of India (Sebi).
The bench, however, gave time till September 7 but directed the businessman that he will have to pay Rs 1,500 crore by this date in the refund account. This will include the Rs 305.21 crore towards the cheque and the balance he owes to the refund account for investors.
On July 8, the court had asked him to deposit Rs 552.21 crore in the account by that date to honour the cheque and warned him of consequences if he did not do so. The court also gave go ahead to the official liquidator of the Bombay High Court to proceed with the publication of sale notice for auctioning of the Aamby Valley property belonging to the group.
The matter will now be heard next on September 11. Roy has spent almost two years in jail and has been on parole since May 6 last year.
