The Supreme Court of India today agreed to hear a contempt plea filed against the Sahara Group and Subrata Roy by the Securities and Exchange Board of India.
The market regulator has approached the apex court alleging that the Sahara Group is creating obstructions in the ongoing auction process of its Aamby Valley project in Lonavala, Maharashtra.
The counsel for SEBI sought an early hearing of the plea. The apex court has not yet granted any date for the hearing, but it agreed to hear the matter.
The auction of Aamby Valley is going on as per earlier directions of the Supreme Court, which had ordered the auction of the property last month and appointed the official liquidator of the Bombay High Court to the carry out the auction process. Bids have already been sought from interested parties.
Also Read: Subrata Roy Says Sahara Had to Make Double Payment For A Single Liability
On September 12, the Sahara Group had said that a Dubai investment fund had agreed to provide a loan of $1.6 billion (over Rs 10,000 crore) against security of 26 percent shares of its Aamby Valley project.
The Supreme Court had in April 2012 ordered two Sahara companies to refund Rs 24,000 crore, along with 15 percent interest, to more than two crore small investors who had invested in their optionally-fully convertible debentures between 2008 and 2011.
Roy was sent to jail on March 4, 2014 for failing to pay Rs 10,000 crore as ordered by the court. The court then said that Roy will not be released until he was able to raise half the amount in cash and the rest in bank securities.
After Roy's mother died in May last year, the apex court granted him parole. The interim arrangement has since continued.
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