Last month, the Sahara Group was allowed to sell a part of its flagship property and deposit the sale proceeds into the Sebi-Sahara account by May 15.
The auction process for the Sahara group’s prime Aamby Valley properties would continue as it has failed to deposit Rs 750 crore in the SEBI-Sahara refund account, the Supreme Court held on Wednesday.
The court was hearing a plea by market regulator Securities and Exchange Board of India (Sebi) which alleged that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the site.
Of the total grievances, the highest number of 18,567 grievances were related to the Information and Broadcasting ministry
The property to be auctioned is an integrated hill city township spread over 6761.6 acres, and two land parcels of 1409.8 acres and 321.6 acres.
The bench, however, gave time till September 7 but directed Subrata Roy to pay Rs 1,500 crore by this date in the refund account. This will include the Rs 305.21 crore towards the cheque and the balance he owes to the refund account for investors.
The regulator said it has “reasons” to believe that Sahara India Life Insurance Company “is acting in a manner likely to be prejudicial to the interest of holders of life insurance policies”.
The plea will come up for hearing on June 7.
On March 21, the apex court had warned Sahara, saying it would auction Aamby Valley project if the latter fails to deposit the amount of Rs. 5,000 crore.
The Sahara Group in November had presented a road map for the repayment of an outstanding amount of Rs 11,136 crores to SEBI and proposed to clear its liabilities in two-and-a-half years to ensure ‘ábsolute’ release of Roy.
Sahara diaries: The 50-page order, accessed by The Indian Express, shows that the ITSC had earlier rejected the application of the company and then on September 5, 2016 re-admitted it.
On October 25, the top court had extended Subrata Roy’s parole till November 28 after the company deposited Rs 200 crore with the SEBI for the repayment of investors.
These properties located in Rajasthan, Tamil Nadu, Madhya Pradesh, Uttar Pradesh, Bihar and Jharkhand. To recover dues orders these properties cannot be sold at less than 90 per cent of circle rates.
The Sahara properties will fetch around Rs 722 crore at reserve price and are are located in Andhra Pradesh, Tamil Nadu, Madhya Pradesh, Chhattisgarh and Uttar Pradesh.
When Subrata Roy’s counsel submitted a list of his assets in a sealed cover, the Supreme Court bench expressed surprise why “such a rich person didn’t pay a fraction of wealth and stayed in jail for two years.”