It doesn’t look like it’s a good day to be Subrata Roy..A Bench headed by Justice Dipak Misra, and comprising Justices Ranjan Gogoi and AK Sikri today directed that Sahara’s premier property in Amby Valley be attached to account for the principal amount owed by Roy to the investors. This comes even as the Court extended the parole of Roy till the next hearing..The apex Court has also asked Sahara to provide a list of unencumbered properties which could be considered for public auction. The next hearing is scheduled for February 27, but with each successive hearing turning up the heat on the Sahara Chief, one would not be out of line in expecting the worst..As reported earlier, the Supreme Court had, at the last hearing, opined that Sahara has been given too much “indulgence” by the Court. But what exactly was the trigger for Court to clip the wings of this particular litigant?.It looks like the answer might lie in a peek into who’s on the Bench hearing the matter..The very first Bench that heard the case comprised Chief Justice Radhakrishnan, and Justice Dipak Misra, who, co-incidentally, is currently heading the Bench..The composition of the Bench then changed and Justice Misra was replaced by present Chief Justice, JS Khehar. This Bench heard the case for a long time, until it delivered a hotly debated judgment in 2014. The judgment was categorical in its denunciation of the attitude of the Senior Advocates appearing for Sahara, namely Ram Jethmalani and Rajeev Dhawan, even as it sent Roy and two of his colleagues to jail until they paid Rs. 5,000 crore and another Rs. 5,000 by way of bank guarantee..Justice Khehar then recused from the case.The next Bench came to be comprised of ex-Chief Justice TS Thakur and Justices Anil R Dave and AK Sikri, which proved to be more accommodating. In the two years that this Bench heard the case, it never issued adverse directions, except once, an incident which was quickly salvaged by Senior Advocate Kapil Sibal’s profuse apology. That Bench allowed the maximum possible latitude to Roy, allowing him parole on the demise of his mother and even granting him extension of time for coughing up the money..After Justice Dave and Justice Thakur retired in quick succession, things soured quickly. With the coming of Justices Dipak Misra and Ranjan Gogoi, the Bench demonstrated an attitude of having had enough. On the last hearing, the Bench noted that the Court had indulged the Sahara Chief for too long, and refused to grant an extension of the time frame within which to submit the loan amount..And today’s decision has proved to further lessen ‘wiggle room’ for the corporate giant, who is already under tremendous pressure to pony up the remainder of the Rs. 14779 due from him..Sibal persisted in asking the Bench to reconsider their decision, going so far as to note, “My Lords have consistently refrained from [attaching Amby Valley]. Please, do not do it now.”.The Bench, however, remained unmoved and said that Sahara’s repayment roadmap extending till July 2019 was too long and it wanted to auction the properties to realise the dues. Interestingly, it also noted that such a tough step was necessary to be taken to ensure that the dues were repaid..Like it or not, it looks like this Bench means business. Two hearings, each more eventful than the last, have ensured that spectators will wait with bated breath to see what happens on February 27. But one thing looks imminent – it’s not going to be a smooth sailing for Subrata Roy..Image taken from here.
It doesn’t look like it’s a good day to be Subrata Roy..A Bench headed by Justice Dipak Misra, and comprising Justices Ranjan Gogoi and AK Sikri today directed that Sahara’s premier property in Amby Valley be attached to account for the principal amount owed by Roy to the investors. This comes even as the Court extended the parole of Roy till the next hearing..The apex Court has also asked Sahara to provide a list of unencumbered properties which could be considered for public auction. The next hearing is scheduled for February 27, but with each successive hearing turning up the heat on the Sahara Chief, one would not be out of line in expecting the worst..As reported earlier, the Supreme Court had, at the last hearing, opined that Sahara has been given too much “indulgence” by the Court. But what exactly was the trigger for Court to clip the wings of this particular litigant?.It looks like the answer might lie in a peek into who’s on the Bench hearing the matter..The very first Bench that heard the case comprised Chief Justice Radhakrishnan, and Justice Dipak Misra, who, co-incidentally, is currently heading the Bench..The composition of the Bench then changed and Justice Misra was replaced by present Chief Justice, JS Khehar. This Bench heard the case for a long time, until it delivered a hotly debated judgment in 2014. The judgment was categorical in its denunciation of the attitude of the Senior Advocates appearing for Sahara, namely Ram Jethmalani and Rajeev Dhawan, even as it sent Roy and two of his colleagues to jail until they paid Rs. 5,000 crore and another Rs. 5,000 by way of bank guarantee..Justice Khehar then recused from the case.The next Bench came to be comprised of ex-Chief Justice TS Thakur and Justices Anil R Dave and AK Sikri, which proved to be more accommodating. In the two years that this Bench heard the case, it never issued adverse directions, except once, an incident which was quickly salvaged by Senior Advocate Kapil Sibal’s profuse apology. That Bench allowed the maximum possible latitude to Roy, allowing him parole on the demise of his mother and even granting him extension of time for coughing up the money..After Justice Dave and Justice Thakur retired in quick succession, things soured quickly. With the coming of Justices Dipak Misra and Ranjan Gogoi, the Bench demonstrated an attitude of having had enough. On the last hearing, the Bench noted that the Court had indulged the Sahara Chief for too long, and refused to grant an extension of the time frame within which to submit the loan amount..And today’s decision has proved to further lessen ‘wiggle room’ for the corporate giant, who is already under tremendous pressure to pony up the remainder of the Rs. 14779 due from him..Sibal persisted in asking the Bench to reconsider their decision, going so far as to note, “My Lords have consistently refrained from [attaching Amby Valley]. Please, do not do it now.”.The Bench, however, remained unmoved and said that Sahara’s repayment roadmap extending till July 2019 was too long and it wanted to auction the properties to realise the dues. Interestingly, it also noted that such a tough step was necessary to be taken to ensure that the dues were repaid..Like it or not, it looks like this Bench means business. Two hearings, each more eventful than the last, have ensured that spectators will wait with bated breath to see what happens on February 27. But one thing looks imminent – it’s not going to be a smooth sailing for Subrata Roy..Image taken from here.
