In a further blow to beleaguered Sahara chief Subrata Roy, the Supreme Court gave directions to authorities to attach Sahara properties in Aamby Valley to recover dues the company owes. The net value of these properties stands around Rs.39,000 crores and the amount would be used to pay the amount due to SEBI.
Sahara owes SEBI a principal amount of Rs.14,000 crore, with the cumulative sum including interest standing at Rs.47,000 crore. Sahara has to repay a sum of over Rs.35,523 crore to clear the debt, having currently paid back a sum of Rs.11,477 crore.
The order was passed by a bench comprising of Justice Dipak Misra, A K Sikri and Ranjan Gogoi. Subrata Roy’s interim parole was also extended by this bench, giving him time until the next hearing on February 27. This was granted after Sahara officials deposited a sum of Rs.600 crore towards repayment.
Officials of Sahara have been ordered to provide a list of all unencumbered properties it owns in Aamby Valley. The court has given officials time till February 20 to provide this information. These properties would go up for auction to recover a portion of the debt.
Sahara had previously charted out a course to repay investors by July 2019, which the Supreme Court felt was too long. This move ensures that the company has no other alternate but to pay the amount.
Aamby Valley is a planned city spread over 10,600 acres, with Sahara owning over 90% shares through multiple subsidiaries. The city is home to India’s first fully operational private code 2c certified airport, in addition to housing world class resorts, educational institutions, hospitals, and golf courses. The property is located off the Pune-Mumbai highway.