This is yet another interesting development in the saga of the Sahara Group’s financial trouble. The Supreme Court today ordered the attachment of the Subroto Roy-controlled group’s Aamby Valley property near Pune in Maharashtra.
The company still owes a balance of about Rs. 14,779 crore to investors. After a long and protracted legal process, the apex court has said that it is necessary to attach Aamby Valley in order to make the process of recovery of dues faster.
Other properties under scanner
The Sahara Group has also been ordered to provide a list of all their properties, which are free of any other debt obligation, by February 20th. The Supreme Court has said that these properties will be put up for a public auction in order to recover the money owed by the company.
Of the total pending dues, the Sahara Group has paid up Rs. 11,000 crore until now and owes another Rs. 14,779 crore. While the company had sought relief until July 2019, the court was of the opinion that it is too long a time to wait.
On Monday, the company deposited Rs. 600 crore with the Securities and Exchange Board of India (SEBI).
Long and short of it
The Sahara Chief Subroto Roy was sent to jail on 4th May 2014 for not complying with a 2012 court order which required him to pay pending dues of Rs. 17,600 crore with a 15% interest to investors.
With this latest order, it seems that the honorable court has decided that the matter has dragged on far too long and imposed this strict action against the company.
The next hearing in this case is scheduled for 20th February, 2017.
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