SC grants Subrata Roy 10 days to deposit Rs 709.82 cr

Roy’s pleas to prevent the auctioning of this jewel fell on deaf ears as a three judge bench had fixed the fair market price and instructed the Bombay High Court – the official liquidator – “to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities” of more than 8,000 acre property. It reminded senior advocate Kapil Sibal, Roy’s counsel, that he had assured that if the two cheques for Rs 1,500 crore were not honoured, the Sahara chief could be sent to custody.

The apex court on Monday granted ten working days relief to Sahara’s Subrata Roy to deposit the balance amount of Rs 709.82 crore.

The Supreme Court on Monday granted a 10-day extension to the Sahara Group for paying the balance amount of Rs709.82 crore out of the Rs1,500 crore the company had promised to deposit in the Securities and Exchange Board of India (Sebi)-Sahara account.

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. Instead, it directed Sebi to get the property auctioned by employing a government-approved agency within 15 days at not less than 90% of the circle rate.

Earlier, the court was irked over non-submission of money and had chose to sell off Rs 34,000 crore worth of properties of the Sahara Group at the Aamby Valley. Extending his interim bail in April, the apex court had asked Roy to cough up Rs 1500 cores if he wanted to remain out of jail.

During the course of hearing in the apex court, Subrata Roy-led Sahara group deposited another Rs 17 crore but it still fall short of Rs 709.82 crore.

The court had granted Roy four-weeks parole on May 6, 2016 to attend his mother’s funeral. His parole has been extended bythe court ever since.

Roy is out on bail after his arrest in March, 2014, for failing to comply with a court order to refund 24,000 crore to investors in outlawed bonds.