The Supreme Court bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, said, today “Enough is enough. You cannot say something today and resile tomorrow,” a taking strong note of non- submission of over Rs 5,000 crore by the Sahara group.
The bench not only cautioned Roy from playing with the court’s order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril, but also directed Bombay High Court’s official liquidator to sell the Rs 34,000 crore worth of properties of the Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28.
Meanwhile, the top court restrained Prakash Swamy, who has filed an affidavit with regard to the sale of Sahara hotels in the USA, from leaving India and asked him to deposit Rs 10 crore as fine with the market regulator SEBI. Swamy will also have to appear in person in the apex court on April 28.
The court had last month ordered an international real estate firm, which had shown willingness to buy Sahara’s stake in New York-based Plaza Hotel for USD 550 million, to deposit Rs 750 crore in the SEBI-Sahara refund account, instead of the apex court registry to show its bonafide.
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" which 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.
Earlier Roy was sent to Tihar jail on March 4, 2014. Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group’s two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court’s August 31, 2012 order to return Rs 24,000 crore to their investors.
After two years Supreme Court on May 6, 2016 granted a four-week parole to Roy to attend the funeral of his mother. His parole has been extended by the court ever since.
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