SC warns Subrata Roy and directs to deposit 2, 000 crores

The Chief of Sahara Group, Subrata Roy has been in jail since 2014. He was granted bail on account of his mother’s death last year. His bail has been extended several times. His parole has been extended until June 19 and he has been ordered to be present on the next hearing. The Supreme Court ordered Roy to deposit Rs.20, 052.22 crores by July 15th. Roy would be furnishing two cheque’s for the same amount. He promised the Court to pay Rs.1500 crore to be realized by June 15. He furnished a post dated cheque of Rs.552.22 crore to be realized by July 15th. The Court warned Roy that he would be sent to jail if the cheque fails to be realized by June 19th. “We are warning you – if the cheques are not realized, we will send you to Tihar Jail directly from court,” the bench said. Former Minister Kapil Sibal, appearing for Roy requested to reconsider the auction of Aamby Valley project located in Lonavala, Maharashtra but it was rejected by the Court. The project spread on 10, 000 acre area is worth Rs.34, 000 crore which is more than what Sahara has to pay back SEBI. The Judges while referring several options given by Sahara for payment of the money said, “Sometimes your offer looks like a mirage, it sometimes like a sprinkle,” said judges, referring to different repayment options Sahara has made in the past. Sahara is engaged in selling its assets overseas which includes New York’s Plaza Hotel and London’s Grosvenor House Hotel. The Court also Bombay High Court’s official liquidator to prepare terms for auctioning of Aamby Valley Project for its approval on June 19th.

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