In an earlier hearing on the dispute between Sahara chief Subrata Roy and Securities and Exchange Board of India (Sebi) over the non-payment of money to millions of investors, the Supreme Court had warned Sahara that if the company failed to deposit Rs 5,000 crore, the court would auction the Aamby Valley property.
"Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, said, taking strong note of non- submission of over Rs 5,000 crore by the Sahara group.
The Supreme Court today warned the Sahara Group that it would auction its prime property worth Rs 39,000 crore at Aamby Valley in Pune if Rs 5092.6 crore is not paid by the company by April 17 as promised.
The Supreme Court on Tuesday asked the Sahara Group to deposit Rs 5,092 crore by April 7 by selling its 13 properties. The court also said that if the Group is unable to sell the properties, then they could get more time.
The Supreme Court, on February 6, 2017, directed attachment of the Sahara Group’s Aamby Valley property in Pune, for realisation of money to be paid to its investors. The apex court also asked the R
The Supreme Court on Monday attached Sahara group's Aamby Valley property in Pune for the recovery of Rs 14,799 crore that the group's two companies involved in real estate have to pay investors.
SEBI has deployed constables to keep tabs on Sahara chief Subrata Roy, who owes the country's market regulator Rs 12,000 crore.
Keeping up the heat on the charges of "personal corruption" by Prime Minister Narendra Modi, Congress has demanded the Income Tax Department challenge the Settlement Commission's "unprecedented" order in the so-called Sahara diaries case.
The Sahara Group today presented in the Supreme Court a roadmap for repayment of an outstanding amount of over Rs 11,136 crore to SEBI and proposed to clear its liability in 21 instalments in two-and-a-half years to ensure "absolute" release of its chief Subrata Roy.
The Supreme Court today asked Sahara Group chief Subrata Roy to deposit Rs 600 crore more by February 6 next year in the SEBI-Sahara refund account to remain out of jail and cautioned him that in case of failure, he would have to return to prison.
Sahara Group on Thursday told the Supreme Court that it would deposit Rs 200 crore with market regulator SEBI in pursuance of an earlier apex court direction and sought advancement of the hearing in the case.
The Supreme Court today said it had been "taken for a ride" by the Sahara group by its past conduct and asked it to submit a roadmap for paying the balance amount of Rs 12,000 crore to SEBI, as it extended the parole of Subrata Roy and others till October 24 on payment of Rs 200 crore.
The Apex Court Wednesday extended the parole granted to Subrata Roy to October 24 while directing him to deposit Rs 200 crore by that date, reports CNBC-TV18. He had earlier been directed to surrender by end of the week.
India's Supreme Court extended embattled Sahara conglomerate chief Subrata Roy's parole by a week on Friday, temporarily staying an order it had issued just hours before that he be taken back into custody.
A bench headed by Chief Justice T S Thakur got infuriated when senior advocate Rajeev Dhavan, appearing for Sahara, said they have not been involved in the process of selling of properties by Securities and Exchange Board of India (SEBI).
Sahara's lawyer Keshav Mohan said that a draft of Rs 353 crore has been deposited in the SEBI-Sahara account.
On August 3, the Supreme Court had extended the parole of Roy till September 16 with a condition that he has to deposit Rs 300 crore with SEBI.
A consortium of family office investors, comprising of Jesdev Saggar-led 3 Associates of the UK and others from the Middle East, has made the offer to acquire Sahara group's majority stake in the three marquee hotel properties -- the famed Grosvenor House in London, Park Plaza and Dream Downtown hotels in New York.
In its application Sahara informed the Supreme Court that it is in advanced stages of negotiations with Qatar Investment Authority, the Qatar-based sovereign wealth fund, for sale of its three premium hotels. Sahara's three prized jewels include - the Grosvenor House in London and the Dream Downtown and New York Plaza in New York.
An e-auction began on July 4 for sale of land parcels belonging to beleaguered Sahara group for recovery of funds by the markets regulator SEBI, amid concerns that sluggish market conditions might make it hard to attract buyers.
In the long-running Sebi-Sahara case, the Supreme Court in August 2012 had ordered the Lucknow-based conglomerate to deposit with the regulator over Rs 24,000 crore collected from nearly three crore investors through issuance of some bonds.
The auction would be conducted by SBI Capital Markets and HDFC Realty, which have been tasked to auction a total of 61 land parcels, on July 13 and July 15 respectively.
HDFC Realty has been asked to auction a total of 31 land parcels at Rs 2,400 crore, while SBI Cap has been tasked to auction another 30 land properties with an estimated market value of about Rs 4,100 crore.
Unscrupulous operators have bilked savers of billions of dollars by running pyramid schemes or promoting questionable investments in everything from tree plantations to farming emus, a flightless bird.
The court asked Mr. Roy and the Sahara Group director Ashok Roy Chaudhary to furnish individual undertaking that they are serious in their efforts.