New Delhi : The Supreme Court on Thursday said if the Sahara Group fails to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17 in pursuance of its order, it will be “compelled” to auction its property valued at Rs 39,000 crore at Aamby Valley in Pune.
A bench headed by Justice Dipak Misra told the group that no extension of time would be granted for depositing the amount as it had assured the court that it would pay the money by April 17.
“No extension of time shall be granted. Sahara Group must deposit the money on time otherwise Aamby Valley will be auctioned,” the bench told the counsel, who was representing the group. The observation came when the lawyer mentioned an interim plea seeking extension of time for depositing the money in the SEBI-Sahara refund account. The apex court also observed that it had clearly told the group that a “substantial amount” must come in the refund account. “Whatever you do, we had told you that a substantial amount must come, otherwise we will be compelled to put up Aamby Valley for auction,” the bench said, noting, “What matters is the money coming in the kitty.” When the counsel told the bench to take up the application for hearing, the court said the apex court registry would list it on the date already fixed for hearing the matter, reports PTI.
On February 28, the apex court had said that “in case, the substantial amount is deposited this court may think of extending the time, otherwise appropriate direction shall be issued”. The court had last month directed an international real estate firm, which had shown willingness to buy Sahara’s stake in New York-based Plaza Hotel for USD 550 million, to deposit Rs 750 crore in the SEBI-Sahara refund account instead of the apex court registry to show its bonafide.