Supreme Court orders Subrata Roy to pay up or go to jail
Supreme Court has directed Subrata Roy to pay Rs 1,500 crore in the SEBI-Sahara account. Photograph: (DNA)
India's highest court today asked the Bombay High Court's official liquidator to prepare terms for auctioning the Rs 34,000 crore worth Aamby Valley, a Sahara property which has been put on sale after Subrata Roy failed to return money to investors.
The Supreme Court also directed Sahara chief to pay Rs 1,500 crore in SEBI-Sahara account on or before June 15. Subrata Roy, in turn, furnished a post-dated cheque of Rs 552 crore to be realised by July 15.
The apex court warned the beleaguered Sahara boss that he may be sent to jail again if the amount is not paid and asked him to be present in court on June 19 when the case comes up for hearing again. Roy's parole was also extended till June 19.
Chennai-based Prakash Swamy had filed an affidavit on a firm's behalf intending to buy Sahara's New York hotel but had failed to deposit Rs 10 crore since Swamy wasn't present during the hearing the judge ordered Swamy be sent to jail for one month for contempt of court.
Subrata Roy was sent to Tihar jail on March 4, 2014.
Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.