SC grants Subrata Roy 10 more days to deposit Rs 709.82 crore

SC grants Subrata Roy 10 more days to deposit Rs 709.82 crore

Giving some relief to the embattled Sahara Group, the Supreme Court on Monday allowed the group to sell off its interests in the Grosvenor House Hotel of London to GH Equity UK which will enable the group to collect funds to secure the bail of chief Subrata Roy, now embroiled in a case involving illegal collection of money from investors.

A bench headed by justice Dipak Misra allowed Sahara an extension of 10 working days to deposit the balance and said it would be compelled to send chairman Subrata Roy back into custody if the company failed to pay by 4 July.

Roy, who was present in the courtroom, had told the court that he will pay Rs 1,500 crore on or before June 15 and Rs 552.22 crore exactly a month thereafter.

At the outset, Sibal said that out of Rs 1,500 crore, which was to be paid by June 15, the Sahara chief has deposited Rs 790.18 crore and ten more working days be granted to him to comply with the undertaking given by him on April 27. Permission is sought to sell the property at that rate.

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The top court by its August 31, 2012, order had asked Sahara group's two companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) to return to the investors Rs 17,600 crore with 15 per cent interest that two companies had raised through optionally fully convertible debentures in 2008 and 2009. Roy's pleas to prevent the auctioning of this jewel fell on deaf ears as a three judge bench had fixed the fair market price and instructed the Bombay High Court - the official liquidator - "to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities" of more than 8,000 acre property.

Mr Roy was first granted a four-week parole on May 6, 2016, to attend his mother's funeral.

Irked over non-submission of money, the Supreme Court hadon April 17 chose to sell property worth Rs 34,000 crorebelonging to the Sahara group in Maharashtra's Aamby Valleyand had sought Roy's presence before it. Ever since the court has extended his parole. Roy was sent to Tihar jail on March 4, 2014.

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