The Supreme Court on Wednesday asked embattled Sahara group chief Subrata Roy to deposit ₹1,500 crore in the SEBI-Sahara refund account by September 7 and said it may then deliberate upon his plea seeking 18 more months for complete re-payment.
A bench headed by Justice Dipak Misra rejected the plea by senior advocate Kapil Sibal, representing Mr. Roy, to put off the proceedings to auction the ₹34,000 crore Aamby Valley property by the official liquidator of the Bombay High Court till September 7.
Mr. Roy had earlier given an undertaking before the court that he would deposit ₹552.21 crore by July 15. However, Mr. Sibal at the outset, informed the bench, also comprising justices Ranjan Gogoi and A.K. Sikri, that Mr. Roy had deposited ₹247 crore and the remaining ₹305.21 crore would be deposited by August 12.
“It is directed that the respondent-contemnor (Roy) shall deposit ₹1,500 crore, which would include the balance amount of today, by September 7. After due consideration, we have granted time till September 7...,” the bench said.
