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Supreme Court orders Sahara to deposit Rs 1,500 cr by Sep 7

In the latest development in the Sahara case, the Supreme Court today directed Sahara group chief Subrata Roy to deposit Rs 1,500 crore by September 7. The deposit needs to be made in the SEBI-Sahara refund account. Senior advocate Kapil Sibal, who is representing Roy, told the Supreme Court today that his client has deposited Rs 247 crore. However, this is less than the promised amount of Rs 552.21 crore that was to be deposited in the refund account by July 15. Sibal informed the Supreme Court bench that the remaining Rs 305.21 crore would be deposited in the said account by August 12. The bench, comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri, however, said that the balance would have to be deposited along with the Rs 1,500 crore that Roy is supposed to deposit by September.

The Supreme Court has also extended the duration of the parole granted to Roy. The new parole will be applicable till October 10. The top court also directed the official liquidator of the Bombay High Court to initiate the process of auctioning Aamby Valley, which is one of the prime properties owned by Sahara Group. The process will start with the publication of a sale notice. The next hearing in the case will be held on September 11.

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