Submit :
News                      Photos                     Just In                     Debate Topic                     Latest News                    Articles                    Local News                    Blog Posts                     Pictures                    Reviews                    Recipes                    
Supreme Court attaches Sahara's Rs 39000 cr Aamby Valley project
Coming down on Subroto Roy and his Sahara group of companies, the Supreme Court on Monday ordered attachment of his properties worth Rs 39,000 crore at Aamby Valley. The luxurious project is located in the hill station of Lonavala in Maharashtra.
Roy who was given a four-week parole in May 2016 after spending two years in prison, is facing a case after his group failed to obey the court's order to repay money to its investors. The attachment order has come to secure sums due to the Securities and Exchange Board of India (SEBI).

The order by a bench of Justice Dipak Misra, Ranjan Gogoi and AK Sikri asked the group to give a list of properties "without any encumbrance" that could be auctioned to recover the principal sum of Rs 14,000 crore due to SEBI.

SEBI has claimed that along with interest, the total amount that the company owes to it is more than Rs 47,000 crore of which it has paid Rs 11,477 crore.

The court also extended Roy's interim parole till the next date of hearing February 27.

Sahara's counsel senior advocate Kapil Sibal vehemently opposed the idea of attaching AambyValley arguing that it will make it difficult for the group to raise money but the court refused to accept it and only stopped short of appointing an arbitrator for the property.

To convince the court to extend the deadline for remitting the amount, Sibal had even raised the issue of demonetisation and the resulting liquidity crunch. The court also rejected Sahara's roadmap presented by Sibal to repay its 3.3 crore investors by July 2019.

But the court refused to accept any of these arguments and asked for the list of properties that could be put for public auction. It also said that in case Roy fails to pay the amount by the decided date, he will have to go back to jail.

Email Id
Verification Code
Email me on reply to my comment
Email me when other CJs comment on this article
Sign in to set your preference
merinews for RTI activists

Not finding what you are looking for? Search here.