The Supreme Court today passed some snide remarks on Sahara Chief Subrata Roy, but refrained from taking him into custody for a default in payment..A Bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri granted relief to Roy to the extent of accepting two post-dated cheques for June 15 and July 15..The cheques total around Rs. 2050 crore..Senior Advocate Kapil Sibal tried his best to save the Sahara Group’s premier property, Amby Valley, from being auctioned, but the Bench seemed to have found it valuable leverage to extract the money owed..Even though Sibal contended that there was no “emergent need for sale”, the Bench stuck to its stand that there was a need for “emergent realization.”.It was then that Sibal suggested payment of the two post dated cheques as a show of bona fides. The Bench seemed lukewarm to the idea at first, observing,.“Sometimes an offer looks like a mirage.”.However, it accepted the proposition after further arguments..As an addendum, the paperwork for the auction of Amby Valley has been directed to be drawn up, which will become a reality in case of default. The property is valued at roughly 34,000 crore..The Bench ended its order with the direction that if the first of the two cheques was not encashed by June 19, the contemnor would straightway be sent to jail and the property would be sold..Senior Advocate Arvind Datar appeared for SEBI, while Senior Advocate Shekhar Naphade appeared as the Amicus Curiae..On the last date of hearing, the Bench had directed the auctioning of Sahara’s Amby Valley property to recover the debt owed by the company.
The Supreme Court today passed some snide remarks on Sahara Chief Subrata Roy, but refrained from taking him into custody for a default in payment..A Bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri granted relief to Roy to the extent of accepting two post-dated cheques for June 15 and July 15..The cheques total around Rs. 2050 crore..Senior Advocate Kapil Sibal tried his best to save the Sahara Group’s premier property, Amby Valley, from being auctioned, but the Bench seemed to have found it valuable leverage to extract the money owed..Even though Sibal contended that there was no “emergent need for sale”, the Bench stuck to its stand that there was a need for “emergent realization.”.It was then that Sibal suggested payment of the two post dated cheques as a show of bona fides. The Bench seemed lukewarm to the idea at first, observing,.“Sometimes an offer looks like a mirage.”.However, it accepted the proposition after further arguments..As an addendum, the paperwork for the auction of Amby Valley has been directed to be drawn up, which will become a reality in case of default. The property is valued at roughly 34,000 crore..The Bench ended its order with the direction that if the first of the two cheques was not encashed by June 19, the contemnor would straightway be sent to jail and the property would be sold..Senior Advocate Arvind Datar appeared for SEBI, while Senior Advocate Shekhar Naphade appeared as the Amicus Curiae..On the last date of hearing, the Bench had directed the auctioning of Sahara’s Amby Valley property to recover the debt owed by the company.
