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Tuesday, July 17, 2018

SC refuses Sahara 2 more months to deposit Rs 966 crore

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.

By: Express News Service | New Delhi | Published: September 12, 2017 1:06:23 am
Sahara, Sahara group, supreme court, Subrata Roy, SEBI Fund, indian express, business Subrata Roy

The Supreme Court on Monday refused to give Sahara chief Subrata Roy two more months to deposit the outstanding Rs 966 crore to the SEBI Fund and slammed him saying that he had “treated the court as a laboratory”.

“…we are of the convinced opinion that grant of further time to the respondent-contemnor and entertaining post-dated cheques which are dated 11th November, 2017, would tantamount to travesty of justice and extending unwarranted sympathy to a person who is indubitably an abuser of the process of law… We are constrained to state that the respondent-contemnor in his own way has treated this Court as a laboratory and has made a maladroit effort to play, possibly thinking that he can survive on the ventilator as long as he can,” a three-judge bench headed by Chief Justice of India Dipak Misra said while rejecting his plea.

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 directions came after Roy said he had deposited Rs 533.20 crore in the Sebi-Sahara account and wanted to pay the remaining Rs 966.80 crore through cheques dated November 11.

But this did not find favour with the court which said that barring “hyperbolic arguments and rhetoric statements” by the Sahara chief, the amount in its entirety has not yet been paid.

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