Taking a tough stand against Sahara for the delay in the refund of the principal amount, the apex court had threatened to cancel Roy's bail
The apex court on Monday granted ten working days relief to Sahara's Subrata Roy to deposit the balance amount of Rs 709.82 crore. Representing Roy, Senior advocate Kapil Sibal said that Rs 694 crore had already been submitted, and Sahara needed more time to deposit the rest.
At the previous hearing, Roy had furnished two post dated checks to the tune of Rs 1,500 crore and Rs 552.21 crore (payable by July 15) to ward off his bail cancellation. Taking a tough stand against Sahara for the delay in the refund of the principal amount, the apex court had threatened to cancel Roy's bail.
After Sahara failed to pay the requisite Rs 5,000 crore, on April 17, the court had also decided to auction Sahara's crown jewel — Aamby valley that is valued at Rs 34,000 crore. 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 off the principal amount. So far, Sahara has managed to repay a little over Rs 11,000 crore.
On Monday, Sibal revealed that Sahara had managed to sell off one of its three international hotels — London's Grosvenor Hotel. GH Equity UK Limited, UK based firm, bought the property for GBP 575 million.
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