The Supreme Court on Tuesday asked the Sahara Group to deposit Rs 5,092 crore for its chief Subrata Roy's bail by selling 13 of its properties. The court also said they may be granted more time if the group were unable to sell these properties by April 7. Meanwhile, the court also extended Roy's parole till April 17.
The SC also asked the Ghaziabad Development Authority to compensate the Sahara Group with Rs. 1,112 crore for acquiring 91 acres of the latter's land. The money has to be deposited by the Ghaziabad Development Authority on behalf of Sahara. The next court hearing is on April 17.
The Sahara Group also gave the SC a list of properties that it wishes to sell for repayment, which the court agreed to. The SC also ordered global real estate company MG Holdings to deposit Rs 750 crore to prove its bonafide for buying Sahara's share in New York's Plaza Hotel. MG Holdings told the court that it would pay $550 million for buying Sahara shares in Plaza Hotel.
The apex court had earlier ordered that the group's prime property worth Rs 39,000 crore at Aamby Valley in Pune be attached in an ongoing case against Roy.
Roy was jailed on March 4, 2014, until he was granted a four-week custody parole on May 6, 2016, to perform his mother's last rites. The apex court had earlier extended the Sahara chief's parole till November 28, 2016, after he deposited Rs 200 crore with the SEBI in October.
In August 2012, two companies of the Sahara Group were ordered by the SC to deposit over Rs 24,000 crore to SEBI. The money was collected from around three crore investors, who invested in their optionally fully convertible debentures (OFCDs) between 2008 and 2011, through issuance of certain bonds with 15 percent interest.
Roy was sent to jail on March 4, 2014, after he failed to abide by the court's order to pay a sum of Rs 10,000 crore. SEBI had said, earlier in February 2017, that the Sahara Group still has to pay Rs 14,779 crore towards principal.
