The Supreme Court of India came heavy on Sahara India yesterday asking it to deposit the Rs.5,000 crore fine on or before April 17. If the company fails to deposit it by then, the SC would be forced to sell it’s prime property – Aamby Valley to realise the amount. This is part of Rs.14,000 crore due to be paid by the company to the SC.
It is worthy to be noted that the Supreme Court has ordered the group to pay Rs.25,000 by depositing the funds with the market regulator SEBI after it has been found that the money has been collected illegally from 3 crore investors by its 2 group companies – Sahara Housing and Sahara Real Estate.
The value of the Aamby Valley is property is pegged at Rs.40,000 Crores.