Sahara Matter: Aamby Valley property to be auctioned; Subrata Roy to appear before the court on 27.04.2017

Supreme Court: The bench of Dipak Misra, Ranjan Gogoi and Dr. A.K. Sikri, JJ ordered the auction of the Aamby Valley City near Lonavala, Maharashtra due to non-payment of amount as agreed by the Sahara Group of Companies and asked the contemnors to provide all the necessary details relating to the property to the Official Liquidator of the Bombay High Court within 48 hours. The Court also asked Subrata Roy Sahara to remain personally present before the Court on the next date of hearing i.e. 27.04.2017.

The Court also directed the Power of Attorney Holder Dr. Prakash Swamy, who had filed an interim application giving a proposal that MG Capital Holdings LLC, New York, USA, shall purchase the Hotel Plaza by giving 550 million US dollars and to show its bona fide, had agreed to deposit Rs.750 crores with SEBI Sahara Refund Account, to appear before the Court on the next hearing. Since no sum was deposited by him, the Court asked Rana Mukherjee, the senior counsel appearing for the Union of India to intimate the Ministry of External Affairs, Government of India, so that Dr. Prakash Swamy does not leave India and asked him hand over his address and the passport number. The Court also directed him to deposit a sum of Rs.10 Crores in the SEBI Sahara Refund Account within 10 days, which shall be forfeited towards costs,  failing which this Court may issue non-bailable warrants of arrest against him.

Stating that the contemnor shall be guided by the affidavit that has been sworn and filed before this Court and not play truancy with the contents of the affidavit, the Court said that “He who plays truancy with the Majesty of Law, invites the wrath and, may, ultimately, has to suffer the peril.” [SEBI v. Sahara India Real Estate Corpn.Ltd, 2017 SCC OnLine SC 407, order dated 17.04.2017]

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