SC attaches Sahara’s Amby Valley property worth Rs.39K crs

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 February 27.

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 today admitted before the top court that it had to pay an amount of Rs 14,000 crore as principal money to SEBI. The business conglomerate today also told the Apex court that it had already paid Rs 11,000 crores.

Subrato Roy’s parole was earlier extended till November 28 taking note of the deposit of Rs 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 March 4, 2014, till his mother’s death in May 6, 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 Rs 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 Rs 10,000 crores.

Credits ET Realty

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