Subrata Roy had submitted a cheque for Rs 552 crore to be encashed by Sebi by July 15.
Highlights
- Cheque of Rs 552 crore to be encashed by market regulator Sebi by July 15
- Top court warned of appropriate action, if the cheque is dishonoured
- In April, it had ordered auction of Sahara's Aamby Valley township
The Supreme Court on Wednesday declined to grant more time to Sahara chief Subrata Roy to pay Rs 552 crore, warning that if the cheque is dishonoured, he will have to face consequences. Sahara chief had submitted a cheque for Rs 552 crore to be encashed by market regulator Sebi by July 15 as per the court's earlier order. If the cheque is dishonoured, then appropriate action will be taken, the top court warned. The Supreme Court had in May 2016 granted Mr Roy four-week parole to attend his mother's funeral. His parole has been extended by the court ever since.
Senior counsel Kapil Sibal, appearing for Sahara chief, sought time till August 15 because of the current market conditions. He also told court that till now Rs 13,316 crore has been deposited with market regulator Sebi towards principal due and the balance is around Rs 9000 crore.
But the Supreme Court refused to grant more time, saying: "Why should we give more time and accommodate you? Many roadmaps were proposed. How many times we assemble and hear the case?"
Mr Roy was arrested in March 2014 for the failure of two Sahara group companies to comply with the court's 2012 order to return Rs 24,000 crore to their investors.
Meanwhile, Mukul Rohatgi appearing for a Sahara company requested the court not to sell the Aamby Valley because its worth is more than Rs 34,000 crore as mentioned by the official liquidator.
The official liquidator appointed by the Supreme Court said the Aamby Valley will be auctioned in three lots.
The Supreme Court in April had ordered auction of Sahara group's Aamby Valley township, near Pune, after Sahara failed to deposit dues towards refund to investors.