Sahara to deposit Rs. 600 Crores before Feb, 2017; failure will lead Subrata Roy back to prison

Supreme Court: The bench of T.S. Thakur, CJ and Ranjan Gogoi and Dr. A.K. Sikri, JJ directed the Saharas to deposit the amount of Rs. 600 Crores before the next date of hearing i.e. 06.02.2017. The Court made it clear that if the said amount is not deposited on the aforementioned date, the parole of Subrata Roy will come to an end and he will be committed to prison.

Kapil Sibal, appearing for Sahara, argued that since the money which the Saharas have to deposit has to be raised by selling immoveable assets and since this Court has imposed a restriction as to the consideration for which the properties can be sold namely 90% of the circle rate prescribed for such properties, the Saharas may not find purchasers if that condition remains operative. Refusing to modify the said condition as of now, the Court said that in any given case, if there is a proposal to sell any item at a price less than 90% of the circle rate, the Saharas shall be free to apply for permission of the Court in which event the Court would pass appropriate orders after hearing the counsels for SEBI. [SEBI v. SAHARA INDIA REAL ESTATE CORPN.LTD, CONMT.PET.(C) No. 412/2012, order dated 28.11.2016]

Join the discussion

Your email address will not be published. Required fields are marked *

15 + fourteen =