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SC continues patient, dogged pursuit of Subrata Sahara, starts by attaching Rs 40,000 cr Aamby Valley property

Although Subrata has been released on parole from his indefinite jail term without trial, the Sahara-SC-saga just keeps going and the Supreme Court, to its credit, is not losing sight of the money trail:

Subrata Roy: Attach Rs 40,000 crore Aamby Valley to recover Sahara dues: Supreme Court | India News

The SC had in August 2012 ordered Sahara to repay over Rs 25,000 crore to investors by depositing the amount with market regulator Sebi after it found that two group companies - Sahara Real Estate and Sahara Housing - had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.

The group deposited Rs 600 crore on Monday as promised in November last year, meeting one of the conditions imposed by the court to continue the parole for Roy. However, when the group’s counsel Kapil Sibal requested the court to extend the roadmap for repayment to July 2019, a bench of Justices Dipak Misra, Ranjan Gogoi and A K Sikri said this was unacceptable.

“We cannot be assembling every month for you to deposit meagre amounts like Rs 600 crore. If you have got Aamby Valley properties which are worth more than Rs 39,000 crore, why do you need other properties to be auctioned to raise the money? We will go for Aamby Valley if you do not speed up the repayment schedule. July 2019 deadline for repayment is unacceptable,” the bench said.

Keep reading at The Times of India | Desktop version

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