Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
August 21, Monday 2017 4:39 AM       

       HEADLINES: NIA registers FIR in Kerala’s ‘love jihad’ case                                              Gadgil slams Athirappilly project                                              Three killed after boat overturns in lake                                              Three run over by train in Alappuzha                                              Hashish oil of 20 crore seized in Idukki                                              Indian economy grew fastest under Modi govt: Amit Shah                                              298 Indians granted citizenship in past five years: Pak                                              US school teacher dies while 'laughing too hard'                                              WWII warship USS Indianapolis wreckage found after 72 years                                              Sreesanth reveals why he tucked in towel during IPL                                              Indian spinners restrict Lanka to 216 in Dambulla ODI                                              Kaumudi Facebook
       BUSINESS Next Article: Railways to export locos, train sets worth Rs. 680 cr to Lanka  
       SC orders auction of Sahara's Amby Valley
 
         Posted on :18:07:02 Apr 17, 2017
   
A A
       Last edited on:18:07:02 Apr 17, 2017
         Tags: SC orders auction of Sahara's Amby Valley
 

New Delhi: The Supreme Court on Monday asked Bombay High Court's official liquidator to sell the Rs. 34,000 crore worth of properties of the Aamby Valley owned by the Sahara Group, and directed its chief Subrata Roy to personally appear before it on April 28.

"Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, said, taking strong note of non-submission of over Rs. 5,000 crore by the Sahara group.

The bench also cautioned Roy from playing with the court's order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril.

The bench asked the official liquidator, attached with the Bombay High Court, to auction the Aamby Valley properties, estimated to be worth Rs. 34,000 crore, and directly report to it.

The bench also directed Roy and his group as well as Sebi to provide all necessary details relating to the properties to the official liquidator within 48 hours.

Meanwhile, the top court restrained one Prakash Swamy, who has filed an affidavit with regard to the sale of Sahara hotels in the USA, from leaving India and asked him to deposit Rs. 10 crore as fine with the market regulator Sebi.

Swamy will also have to appear in person in the apex court on April 28.

The Supreme Court had on April 6 warned the Sahara Group that if it failed to deposit Rs. 5,092.6 crore in Sebi-Sahara refund account by April 17 in pursuance of its order, it will be "compelled" to auction its property at the Aamby Valley in Pune.

The top court had told the group that no extension of time would be granted for depositing the amount.

The observation had come when the lawyer mentioned an interim plea seeking extension of time for depositing the money in the Sebi-Sahara refund account.

The court had also observed that it had clearly told the group that a "substantial amount" must come in the refund account.

"Whatever you do, we had told you that a substantial amount must come. Otherwise we will be compelled to put up Aamby Valley for auction," the bench had said, noting "What matters is the money coming in the kitty."

The apex court had on February 28 said: "In case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued."

The court had last month ordered an international real estate firm, which had shown willingness to buy Sahara's stake in New York-based Plaza Hotel for $550 million, to deposit Rs. 750 crore in the Sebi-Sahara refund account, instead of the apex court registry to show its bonafide.

The top court had earlier directed attachment of Sahara Group's prime property for realisation of money to be paid to its investors.

It had also asked the group to provide it within two weeks the list of "unencumbered properties" which can be put up for public auction to realise the remaining over Rs. 14,000 crore of the principal amount of around Rs. 24,000 crore that has to be deposited in the Sebi-Sahara account for refunding the investors.

The court had on November 28 last year asked Subrata Roy to deposit Rs. 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

It had on May 6, 2016 granted a four-week parole to Roy to attend the funeral of his mother. His parole has been extended by the court ever since. 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.

However, director Vandana Bhargava was not taken into custody.

A A
       BUSINESS
Next Article: Railways to export locos, train sets worth Rs. 680 cr to Lanka
 
 
BUSINESS HEADLINES
Banks stare at union strike on Tuesday, services may be hit  
NABARD sanctions Rs 1,350-cr loan to Rajasthan govt  
Murthy's shadow to loom large over search for Infy CEO  
Post note ban, separatists, Reds feel "fund-starved": Jaitley  
US law firms initiate investigation against Infosys  
Infosys board approves up to Rs. 13,000 cr buyback offer  
RBI to issue new fluorescent blue Rs 50 notes  
PM to launch Rs 15k-cr road projects in Rajasthan  
Sikka quits Infosys after Murthy campaign  
Nifty snaps 3-day winning spree, down 67 pts  
Maruti rolls out sporty 'Ciaz S' at Rs 9.39 lakh  
RBI still has room to slash rate in current fiscal: Kidwai  
Our full sympathy with agitating Noida home buyers: FM  
Videocon names Rajesh Rathi as business head  
Sensex surges 235 pts as geo-political tensions ease  
Sensex jumps 191 points, ignores weak IIP data  
Trai website to soon display telcos' tariff plans: Sharma  
NPA resolution to spur credit expansion, growth: Panagariya  
Sensex, Nifty snap 5-week winning streak on profit-booking  
200 Indian business reps see great investment opportunities in Kazakhstan  
FICCI for substantial slash in policy rates by RBI  
Kochi Shipyard makes strong market debut after $225 million IPO  
Gold tops Rs 30,000-mark, spurred by safe haven appeal  
Govt has not written off single rupee of corporate loans: FM  
Sensex losses mount on global sell-off, dives 336 pts  
 
Do you think conspiracy is going on to trap Senkumar in cases?
yes
 
no
 
don't know
 
 
 
Home Kerala India World Business Sports Sci&Tech Education Automobile CityNews Movies Environment Letters 
© Copyright keralakaumudi Online 2011  |  Reproduction in whole or in part without written permission is prohibited.
Head Office Address: Kaumudi Buildings, Pettah P.O, Trivandrum - 695024, India.
Online queries talk to Deepu Sasidharan, + 91 98472 38959 or Email deepu[at]kaumudi.com
Customer Service -Advertisement Disclaimer Statement   |  Copyright Policy