Supreme Court orders attachment of Sahara Group property
The apex court observed this was needed to force Sahara and Subrata Roy to expedite the payment of balance Rs 14,779
The Supreme Court on Monday attached Sahara group's Aamby Valley property worth Rs 39,000 crore for the recovery of Rs 14,799 crore. Aamby Valley City is a township developed by the Sahara Group in Maharashtra's Pune.
The apex court observed this was needed to force Sahara and Subrata Roy to expedite the payment of balance Rs 14,779 crore that the group's two companies involve in real estate have to pay investors.
The bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri also directed Sahara to submit a list of its properties which are free from any charges by February 20. It directed the next hearing of the matter on February 27.
Sahara in the meanwhile deposited Rs 600 crore as directed by the Centre by its November 28, 2016, order for continued parole of Subrata Roy and others. Sahara has so far paid a little over Rs 11,000 crore and had sought time till July 2019 to deposit the balance of Rs 14,779 crore with the SEBI.
However, the court said that the repayment roadmap extending until July 2019 is too long and it wanted to auction the properties to realise the dues.