Countering the regulator's objection that all payments are to be done through banking channel, Sahara Group said it must be recalled here that, till 4 years back, as per the statement of World Bank and Reserve Bank, 50-60 per cent of Indians did not have bank accounts.
In a 54-page order, the regulator has also barred SICCL, as well as its then directors including Subrata Roy Sahara and associated entities from the markets and from associating with any public entity for four years from the date of completion of refunds to investors.
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.
The properties on auction include an integrated hill city township spread over 6,761.642 acres in the great Sahyadri mountain range, 1,409.865 acres of land surrounding Aamby Valley City Development and land measuring 321.656 acres within the Satara district.
The bench, which also included justices Ranjan Gogoi and A K Sikri, directed the official liquidator of the Bombay High Court to proceed with the scheduled auction of the group’s Aamby Valley property in Maharashtra valued at Rs 37,392 crore.
The counsel, said the group had an alternate payment plan to offer and requested the court to put the auctioning process for Aamby Valley in Pune on hold. On July 25, the apex court had asked Roy to deposit Rs 1,500 crore in the Sebi-Sahara account, for repaying depositors, by September 7.
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.