SC refuses to extend time given to Subrata Roy to return investors' money

The Supreme Court on Thursday refused to extend the time granted to Sahara chief Subrata Roy for depositing money in the case involving him and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to crores of investors.

A bench of the apex court headed by Justice Dipak Misra refused to give any relief.

Salman Khurshid, counsel appearing for Roy had sought extension of time for depositing the money.

Earlier on March 21, the apex court had warned Sahara, saying it will auction Aamby Valley project if the latter fails to deposit the amount of Rs. 5000 crore (approx.).

The apex court had in its last hearing asked the Ghaziabad development authority to deposit Rs. 1,100 crore to the apex court registry for acquiring land from Sahara.

One international real estate company, M.G. Capital holdings, had told the apex court three-judge bench, headed by Justice Dipak Misra to purchase the London-based New York Plaza hotel, as the company wanted to purchase Sahara stake in that hotel.

Roy was sent to Tihar jail on March 4, 2014 for not complying with the apex court's orders in connection with a long dispute with the market regulator SEBI.

The SEBI alleged that Roy allegedly failed to comply with the apex court's order directing him to return the investors' money.

Sahara, once among India's high-profile firms, has in the past made several failed attempts to raise the bail money using its prized overseas hotels that include the Plaza in New York and Grosvenor House in London.

Sahara says it has paid more than 80 percent of the dues to share-holders, but SEBI has disputed that and said the company has not paid more than Rs. 10,000 crore.