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Supreme Court Orders Attachment Of Sahara's Aamby Valley To Recover Dues

Sahara on Monday admitted before the top court that it had to pay an amount of ₹14,000 crore.

06/02/2017 6:26 PM IST | Updated 06/02/2017 6:33 PM IST
Rupak De Chowdhuri / Reuters

NEW DELHI -- In yet another blow to Subrata Roy, the Supreme Court on Monday ordered attaching the company's Aamby Valley properties in Lonavala, Maharastra which are worth ₹39,000 crores.

Now the properties would be kept under the supervision of court and nobody would cease or do anything with these properties till the next date of the hearing on the case on 27 February.

The apex court asked Sahara to furnish a list of properties which were free from Litigation and mortgage so that it could be put into public auction.

Sahara on Monday admitted before the top court that it had to pay an amount of ₹14,000 crore as principal money to SEBI.

The business conglomerate on Monday also told the Apex court that it had already paid ₹11,000 crores.

Subrata Roy's parole was earlier extended till 28 November taking note of the deposit of ₹200 crores made by him with SEBI in October, as a condition precedent for his release. The apex court had then granted four weeks' custody parole to Roy to perform his mother's last rites.

Roy was in Tihar jail since 4 March, 2014, till his mother's death in 6 May, 2016, for not complying with the apex court's orders in connection with a long dispute with the market regulator.

SEBI had alleged that Roy failed to comply with the 2012 SC order directing him to return investors more than ₹20,000 crore with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

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 New York and Grosvenor House in London.

Sahara says it has paid more than 80 percent of the dues to share-holders, but SEBI has disputed that and said the company has not paid more than ₹10,000 crores.

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