New Delhi, Aug. 10 (Agencies): The Supreme Court on Thursday refused to accept Sahara chief Subrata Roy's plea to put on hold the auction of the group's Aamby Valley real estate project in Maharashtra.
“The prayer of the contemnor (Roy) is hereby rejected,” a bench of justices Dipak Misra, Ranjan Gogoi and A.K. Sikri said:
Senior advocate Kapil Sibal, appearing for Roy, said that the auction should be put on hold till September so that his client could arrange Rs 1,500 crore to be deposited into Sahara’s account with the Securities & Exchange Board of India.
The bench, however, said that it would pass orders at an appropriate time.
Sahara has to refund thousands of crores of rupees to small investors in schemes that market regulator SEBI had later ruled illegal. Sahara claims it has repaid most of them.
Roy had petitioned the apex court on Wednesday to delay the auction of the Rs 34,000-crore worth Aamby Valley property.
The apex court had asked the embattled Sahara chief on July 25 to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.
The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.
The Sahara Group had earlier sought 18 months to repay around Rs 9,000 crore, the balance from the principal amount of Rs 24,000 crore.
Sibal said that according to the group, the remaining amount was around Rs 8,000 crore and it had made all efforts to deposit the money.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then.