SC wants Sahara's Aamby Valley property auctioned, asks Roy to appear on April 28

Sahara group's chairman Subrata Roy (C), surrounded by bodyguards, leaves the Securities and Exchange Board of India (SEBI) head office in Mumbai on April 10, 201. AFP PHOTO/

NEW DELHI: The Supreme Court on Monday asked Bombay High Court's official liquidator to auction the Aamby Valley property of the Sahara group and directed Subrata Roy to personally appear before it on April 28. A bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri took a strong note of non-submission of over Rs 5,000 crore by the Sahara group. "Enough is enough. You cannot say something today and resile tomorrow," PTI quoted the SC bench as saying. The bench warned Roy from playing around with the court's order and said if he won't harken to the court's direction, he will have to face the wrath of the law. Five years ago, the Apex court had asked Sahara to return the investors' money that Sahara India Real Estate Corp Ltd and Sahara Housing Investment Corp Ltd had raised in 2008 and 2009. The bench asked Bombay High Court's official liquidator to auction the Aamby Valley property of the Sahara group, estimated to be worth Rs 34,000 crore. The bench said all necessary details relating to the properties should be provided to the official liquidator by Roy, his group and SEBI as well. On April 6, the apex court had warned the Sahara Group that it will be compelled to auction its Aamby Valley property if the group fails to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17. The SC had made it clear that no extension would be granted to the group for depositing the required amount and observed that a "substantial amount" must come in the refund account. According to PTI the top court had said: "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.. what matters is the money coming in the kitty," The apex court had on February 28 said "in case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued". Subrata Roy, his son-in-law Ashok Roy Choudhary and group Director Ravi Shankar Dubey, who are now out on parole, were sent to Tihar Jail on March 4, 2014, for failure of the two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's order.