DEPOSIT ₹15KCR BY JUNE 15: SC TO ROY
ACCEPTS 2 POSTDATED CHEQUES AS ASSURANCE
NEWDELHI: The Supreme Court on Thursday accepted two postdated cheques worth a total of ₹2,000 crore as an assurance of payment from Sahara India chief Subrata Roy. The two cheques, dated June 15 and July 15, were for a sum of ₹1,500 crore and ₹552 crore, respectively. The court said that it would be compelled to send Roy to jail if the cheques were found dishonoured.
A bench headed by Justice Dipak Misra also allowed Sahara to deposit the initial amount of ₹1,500 crore into the Sebi-Sahara account through electronic means on or before June 15.
Roy, who was personally present in the court, submitted an affidavit giving an undertaking to honour the payments. It was added that Sahara would pay ₹2,000 crore by July and the remaining amount of ₹3,000 crore by October 31. Sahara’s dues to investors stand at ₹11,169 crore.
According to the official liquidator of the Bombay High Court, the fair market value of Sahara’s flagship project, Aamby Valley, is ₹37,392 crore.
The court directed the official liquidator to prepare and submit a draft finalising the terms and conditions of the auction on the next hearing for which he has to be personally present.
Kapil Sibal, appearing for Roy, told the court not to sell Aamby Valley as it was the only option through which the company could generate money.
On April 17, the court had directed the auction of Aamby Valley, located in Pune district, after Sahara failed to deposit ₹5,092.64 crore with the Securities and Exchange Board of India. It owes the money to investors who purchased securities sold by two group firms through schemes that Sebi said were illegal.
Aamby Valley is Sahara’s flagship project, consisting of luxury resorts, man-made lakes and an airport. It is spread over 4,000 hectares, and valued at ₹34,000 crore.
In March 2014, Roy and two associates were remanded to judicial custody after Sahara failed to comply with the court’s directions to refund investors. In May 2016, Roy and the two were granted parole by the court. This was extended to April 17 in February which stands revised to June 19. Roy was asked to be personally present at the next date of hearing on June 19.