Big blow for Subrata Roy: SC orders Sahara's Aamby Valley auction

New Delhi: The Supreme Court on Monday directed sale of Sahara's Aamby Valley at Lonavala and appointed Bombay HC official liquidator for selling the property.

The apex court also ordered personal presence of Sahara chief Subrata Roy before it on April 28.

The Supreme Court had on April 6 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.

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.

The top court had earlier directed attachment of Sahara Group's prime property for realisation of money to be paid to its investors.

The court had on November 28 last year asked Sahara chief Subrata Roy to deposit Rs 600 crore more by February 6 in the refund account to remain out of jail and warned that failure to do so would result in his return to prison.

It had on May 6, 2016 granted a four-week parole to Roy to attend the funeral of his mother. His parole has been extended by the court ever since. Roy was sent to Tihar jail on March 4, 2014.

Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.

However, director Vandana Bhargava was not taken into custody.