Clock is Ticking
Sahara chief Subrata Roy has been warned by the Supreme Court of dire consequences if he fails to pay up `552.21 crore by July 15. Roy had earlier promised the court that he would pay `1,500 crore on or before June 15, and `552.21 crore a month after. However, the group paid only `790 crore on June 15 and asked for a 10-day extension for the rest of the payment, and eventually paid the balance `710.22 crore on July 4. Irked by Sahara’s repeated extension requests, SC has said that failure to cough up `552.21 crore by the said date, could lead to the auction of Sahara’s Aamby Valley project. The group has to now pay the remaining `9,000 crore due on the principal amount of `24,000 crore.