The Supreme Court directed former real estate and media tycoon Subrata Roy on Tuesday to pay Rs 1,500 crore by September 7 and ordered that a process be started to sell his company Sahara’s Aamby Valley project.
Aamby Valley, a Rs 39,000-cr township on the outskirts of hill town Lonavla, is one of Sahara’s flagship projects and the process to auction it increases the pressure on Roy, who has failed to comply with a court order to return Rs 24,000 crore to investors.
The top court rejected Sahara’s plea for more time to repay the money to SEBI. A bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri said: “indulgence cannot be granted to Subrata Roy as indulgence leads to procrastination and it is the murderer of justice”.
The court also made it clear that they were going to recover the money due to SEBI from the sale of Sahara properties, but will not send Roy to jail. “We are clear in our mind, we will not send you to jail because you have money to pay,” the judges said.