Bookmark Kaumudi Online  Bookmark this site  Editor@Kaumudi  |  Marketing  Print Advt rates  |  Calendar 2012        Go!    
 
 
April 30, Sunday 2017 10:40 AM       

       HEADLINES: Kerala govt did everything it could in Soumya case: Minister                                              CPI to continue with creative criticisms                                              Kodanad murder: First accused dies, second accused hospitalised after motor accident                                              Mavelikara Maoist meet: Convicts get 3-year imprisonment and fine                                              Pembilai Orumai hunger-strike: Rajeswari hospitalised                                              Dawood critical, says media. He's fine, says Chhota Shakeel                                              Amit Shah begins 'Vistaar Yatra' in J&K                                              Don't politicise Triple Talaq: PM Modi                                              Dhingra report: 'Truth shall prevail', says Robert Vadra                                              Stalemate continues over AIADMK merger talks                                              N Korea fails in ballistic missile test-fire                                              China-Britain freight train reaches Yiwu completing 12,000 km                                              Pope Francis rents private beach for 'disabled'                                              Hard for a captain to speak after performance like this: Kohli                                              Pune close Play-offs door for RCB with emphatic 61-run win                                              Lions wags its tails to reach 153 for 9 vs Mumbai Indians                                              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
Sundar Pichai made $200 million in 2016  
Sensex slips 111 pts, Nifty defends 9,300-mark  
Jaitley cautions against rising trend of protectionism  
Sensex slips below 30,000-mark  
Sensex retreats from record, down 104 pts  
Pay fee or go to Tihar Jail: SC to Sahara  
Realty sector revived after demonetisation: PropTiger Report  
I voluntarily gave up rail budget: Suresh Prabhu  
Rupee scales near 21-mth high of 64.26 on global cues  
Nifty closses above lifetime high of 9,300-mark  
PM to review infra performance with officials today  
US dollar ends sharply lower against rupee  
Sensex rebounds 291 pts; French Prez race, RIL Q4 in limelight  
Thailand expects 12 lakh tourists from India in 2017  
GST great illustration of cooperative federalism: Modi  
Niti Aayog lists promoting digi-payments as achievement  
Hero Cycles eyes setting up Rs 400 cr project  
Impact of demonetisation abated: IMF  
Mistry appeals against NCLT rejecting waiver plea in Tata case  
Air India lowers age limit for elderly travel concession  
SEBI court quashes non-bailable warrant against Sahara chief  
India needs to accelerate investment in children, education:WB  
Sensex extends gains, up 86 pts on bargain hunting  
Jaitley may take up H-1B visa issue with US authorities  
'India moving forward to become major destination for FDI'  
 
Do you think govt flawed in properly presenting Saumya case in SC?
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