SC warns of Subrata Roy of auctioning Aamby Valley if money is not paid within 15 days

The Supreme Court on Wednesday gave 15-days time to Sahara India's Chief Subrata Roy to deposit Rs. 552 crore in connection with a case, involving the Securities and Exchange Board of India (SEBI), over a dispute of returning money to its investors.

A three-judge bench of the apex court, headed by Justice Dipak Misra, today said that if Roy fails to pay the amount within 15 days, the court would direct the commencement of the auction process for Aamby valley property.

The next date of hearing in the case has been fixed for July 20. The parole of Subrata Roy has also been extended till then.

Earlier on June 19, Roy's parole was extended till July 5.

Roy on May 18 did not appear before the SEBI court after filing an exemption application on medical grounds.

However, the special SEBI court rejected Roy's plea.

The SEBI court was to frame charges in the case against Roy and his three group firms' directors - Ravishankar Dubey, Ashok Roy Choudhary and Vandana Bhargava.

On April 21, a SEBI court had cancelled the non-bailable arrest warrants against Roy and three of his group firms' directors after they appeared before it in a case filed by the SEBI against them.

The SEBI court cancelled the NBWs against them after they furnished fresh bail bonds of Rs. 2 lakh each and gave undertakings to the court that they would attend its trial proceeding against them regularly.

The SEBI had registered a case against Sahara India Real Estate Corporation, Sahara Housing Investment, their promoter Subrata Roy and the three directors in 2012, alleging that these companies had collected a huge sum of money from investors without listing the securities on the stock exchanges.