Subroto Roy Back to Jail, 10 More Day Given to Sahara For Depositing 710 Cr.

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The Supreme Court has extended the time, Yesterday for fortified Sahara chief Subrata Roy till 4 July  to deposit Rs 709.82 crore out of Rs 1500 crore which was to be paid by 15 June , with last and strict warning that if he fails to pay the remainder then this may again land him into the jail. While, extending its interim order and granting bail to him till 5 July, a bench of Justices Ranjan Gogoi and Dipak Misra said, ” if Roy fails to pay the balance amount by that date, we will be compelled to send the contemnor to the custody and we are sure that  he shall not give rise to such an occasion.”

In the beginning, senior advocate Kapil Sibal who was appearing for Roy said that the Sahara chief has deposited Rs 790.18 crore  out of Rs 1500 crore that he had to pay by 15 June. But now, ten more working days be granted to him to comply with the undertaking given by him on 27 April. Today,  the Sahara chief was present in courtroom and had told the court that he will pay Rs 1500 crore on or before 15 June and Rs 552.22 crore exactly after one month.

The bench noted its order and said,”As the Roy has deposited Rs 790.18 crore, we are inclined to extend the time by ten working days so that the undertaking can be complied with. The balance amount of Rs 709.82 crores shall be deposited with SEBI Sahara Refund Account by 4th July, 2017.” The court allowed Subrata roy to sell Grosvenor House Hotel by transferring shares of the company to the buyer i.e. GH Equity UK Limited.

However, The bench of Justice has rejected the petition of Roy that he be allowed to sell land measuring 87.03 acres in villages of Haridwar in Uttarakhand wroth Rs 109.75 crore and the amount was only 62 percent of circle rate prevalent in the area. The total amount is 62 percent of the circle rate which is 38 percent less than the circle rate. The bench of Justice said,” permission is sought to sell the property at that rate and as advised at we are not inclined to grant that permission.”

It said, “We think that with the assistance of approved agency the property shall be put to public auction by SEBI. SEBI can mention 90 percent of the circle rate in the bid. this court had permitted at that rate, some time.” It said,” The competent authority of SEBI has conducted the auction through approved agency on or before July 5 adding that e-auction can be done.”

The court meanwhile, took on the records to draft terms and conditions submitted by the Official Liquidator of the Bombay High Court for the sale of the Aamby Valley properties of Sahara Group. The official liquidator, Vinod Sharma submitted that the Justice B N Agarwal, a former apex court judge has scrutinized the terms and conditions. Also the justice B N Agarwal has been nominated to supervise the refund process.

It said,” A copy of the terms and conditions be handed over to the counsel for the  roy. The request for approval of the terms and conditions for sale notice shall be considered on the next  hearing.” Earlier he appeared before the court that  extended his parole time till 19 June with a warning that if he fails  to pay Rs 1500 crore then again he may be put in jail.
The court had taken an affidavit and a personal undertaking of Roy that he will pay Rs 1500 crore till 15 June and Rs 552.22 crore thereafter on 15 July.

In its notice on 27 April, the  bench had noted that  around Rs 12,000 crore has already been paid and Rs 11,169 crore towards principal was due on the Sahara Chief. Earlier, over non-submission of money the court was irked and had decided to sell the properties of the Sahara Group at the Aamby Valley worth of Rs 34,000 crore.  

Last year on 28 November the court had asked Roy to deposit more Rs 600 crore by 6 February  2017 to remain out of jail and warned that failure would result him in jail again.
On 6 May 2016, court had granted four week parole to Roy to attend the funeral of his mother. Firstly on 4 March 2014, he was sent to Tihar jail and ever since his parole has been extended by the court so many times.

Besides Sahara chief two of company directors  Ravi Shankar Dubey and Ashok Roy Choudhary were also arrested for failure of the Sahara  group  two companies one is Sahara India Real Estate Corporation and other is Sahara Housing Investment Corp Ltd to comply with 31 August, 2012  court’s order  to return Rs 24000 crore to their investors. While, Director Vandana Bhargava was not accused in this case and was not taken into custody.

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