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SC denies relief to Roy, asks Sahara to deposit Rs 500 crore in 10 days

After Sahara failed to pay the requisite Rs 5,000 crore, on April 17, the court had also decided to auction Aamby Valley

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Subrato Roy
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The Supreme Court on Wednesday refused to allow Sahara's Subrato Roy any extension to pay the balance of Rs 552 crore it had promised. Roy had earlier presented SEBI with two cheques valued at Rs. 2,000 crore and promised to honour it by July 15. While, the first cheque, amounting to around Rs 1,500 crore, stands cleared, Roy wanted more time to pay the balance amount.

A three-judge bench headed by Justice Dipak Misra, ruled that Roy's crown jewel — the Rs. 34,000 crore Aamby Valley property — would be auctioned if he failed to deposit the said amount within the fortnight.

After Sahara failed to pay the requisite Rs 5,000 crore, on April 17, the court had also decided to auction Aamby Valley. 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.

According to the liquidators evaluation, Aamby Valley — movable and immovable assets — is valued at Rs 43,461 crore at a ready reckoner rate, and its fair market price is valued at Rs 37,392 crore.

Sahara, which allegedly duped its investors of Rs 24,000 crore, has been finding ways to raise money to pay the principal amount. So far, Sahara has managed to repay a little over Rs 11,000 crore.

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