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Regular-article-logo Friday, 09 May 2025

Supreme Court summons Sahara boss, orders sale of property at Aamby Valley

The Supreme Court on Monday asked the Bombay High Court's official liquidator to sell Rs 34,000-crore worth of property at the Aamby Valley resort owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28.

TT Bureau Published 17.04.17, 12:00 AM

New Delhi, April 17 (Agencies): The Supreme Court on Monday asked the Bombay High Court's official liquidator to sell Rs 34,000-crore worth of property at the Aamby Valley resort owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28.

”Enough is enough. You cannot say something today and resile tomorrow,” a bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri said.

The bench took strong note of Sahara’s failure to cough up Rs 5092 crore to the Securities & Exchange Board of India for repaying investors in a Sahara scheme that was declared illegal.

The Supreme Court had earlier ordered Sahara to return Rs 34,000 crore to the investors. 

The bench warned Roy on Monday he would invite the wrath of the law if he failed to comply with it’s order.

Roy, his Sahara group and SEBI will have to provide the details of the Aamby Valley property, a luxury resort near Pune, to the official liquidator within 48 hours.

On April 6, the Supreme Court had warned the Sahara Group that if it failed to deposit Rs 5092.6 crore in the SEBI-Sahara refund account by April 17 in pursuance of its order, it will be “compelled” to auction its property at the Aamby Valley. The top court had told the group it would not give it any more time to deposit the money.

The apex court had on February 28 said “in case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued”.

Last month, the court had ordered an international real estate firm that had shown willingness to buy Sahara's stake in Plaza Hotel in New York for $550 million to deposit Rs 750 crore in the SEBI-Sahara refund account, instead of the apex court registry, to show that its intentions are genuine.

The top court had earlier directed attachment of Sahara Group's prime property for realisation of money to be paid to its investors.

It had also asked the group to provide it within two weeks the list of “unencumbered properties” that can be put up for public auction to realise the remaining over Rs 14,000 crore of the principal amount of around Rs 24,000 crore that has to be deposited in the SEBI-Sahara account for refunding the investors.

The court had on November 28 last year asked Subrata Roy to deposit Rs 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

The court had let out Roy on May 6 last year for four weeks to attend the funeral of his mother. His parole has been extended by the court ever since. Roy was sent to Tihar jail on March 4, 2014. 

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