Sahara boss avoids jail; to pay `2K-cr

The Sahara boss Subrata Roy on Thursday escaped from being sent to jail as the Supreme Court accepted his undertaking to make an initial payment of `1,500 crore by June 15 and `552 crore by July 15.

A three-judge Bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri, however, warned Mr Roy, who was present in the court, that he will have to go to Tihar jail if the post-dated cheque issued for `1,500 crore is not realised on the due date.

The Bench posted the matter for further hearing on June 19 when it would be known whether the amount has been realised in favour of Sebi-Sahara repayment account or not.

With Sahara failing to deposit `5,100 crore, the Supreme Court had appointed official liquidator of the Bombay High Court to auction the Aamby Valley property near Pune in Maharashtra to realise the dues from Mr Roy.

During the resumed hearing, the official liquidator submitted a report indicating the value of the properties at `37,392 crore and how he is going to sell them.

In its order the bench said on behalf of Sebi it was submitted that Sahara owed approximately `11,169 crore towards the principal and that is required to be paid.

As the affidavit would show, the first cheque is for `1500 crore dated 15.6.2017 and the second cheque is dated 15.7.2017 for a sum of `552 crore.