The Supreme Court had in March asked Sebi to start the process of selling some of embattled conglomerate Sahara's real estate assets in the country to refund millions of investors.
The Apex Court bench directed that Sahara Group's Subrata Roy be personally present in the next date of hearing on April 28th in the case. Sahara maintains that it has already paid more than 80% of the dues to investors, but Sebi differs and has submitted that more than Rs 10,000 crore remains unpaid. The court then appointed Official Liquidator of the Bombay High Court for conducting the sale.
The Supreme Court asked for an auction of Sahara group's 8,900-acre Aamby Valley City which is situated near Pune, following the group's chief Subrata Roy's failure to repay Rs. 5092.60 to the investors, according to media reports on Monday.
The top court has asked the group to provide a list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore of the principal amount of Rs 24,000 to be deposited with SEBI.
Sahara was supposed to deposit more than Rs 5,000 crore in the Sebi-Sahara investors' refund account by Monday to enable Roy remain out on bail but the group failed to do so.
Sahara Group is looking to sell off some of its prime properties, including Grosvenor House, New York Plaza and Dream New York, and a few.
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The apex court has also ordered personal presence of the chief, before it, on April 28.
Meanwhile, the top court restrained one Prakash Swamy, who had filed an affidavit with regard to the sale of Sahara hotels in the United States, from leaving India and asked him to deposit Rs 10 crore as fine with the market regulator SEBI.
The court said the group can not be shown concession for its failure yo deposit money to Sahara-Sebi account. "It is further directed that Dr Prakash Swamy shall deposit a sum of Rs 10 crore in the SEBI Sahara Refund Account, which shall be forfeited towards costs", it said.
Sahara, once among India's high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in NY and Grosvenor House in London.
"Indulgence shown by the court have been misused", said the apex court bench, referring to several parole leaves granted Roy to attend to rituals after his mother passed away. Director Vandana Bhargava was not taken into custody.