The Supreme Court on Wednesday refused to extend the July 15 deadline for Sahara to pay Rs 552.21 crore and warned Subrata Roy-led firm of “appropriate action” if it failed to make the payment on time, PTI reported on Wednesday. The apex court, however, noted that Roy had deposited Rs 1,500 crore so far, and another Rs 9,000 crore remained.
Roy had earlier told the court that he would pay Rs 1,500 crore on or before June 15 and Rs 552.21 crore exactly a month thereafter. However, he paid only Rs 790.18 crore by June 15 and was granted time till July 4 for payment of Rs 709.82 crore.
The court also accepted the terms and conditions set by the Bombay High Court’s official liquidator for the auction of properties at Sahara’s Aamby Valley. In April, the court had decided to auction Rs 34,000 crore worth of properties at the Aamby Valley in order to recover the money.
Roy has been in jail for almost two years in jail, but on parole since May 6, 2016. He was first granted parole to enable him to attend his mother’s funeral, and this parole has since been extended.
The Sahara group has been embroiled in a lengthy court battle with the market regulator over a case involving a Rs 24,000-crore refund to investors. The court said that it will focus on repayment of the principal amount before ensuring that the group repays the interest.
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