The Sahara Group Chief, Subrata Roy who has been on interim bail approx from 1 year, now the Supreme Court again asked the group to deposit Rs 5092.6 crore in the SEBI-Sahara Account by April 7 to keep their chief out of jail so that amount would be reinstated to the investors.
Senior Lawyer Kapil Sibal appearing for Sahara seek time of 6 months to pay the amount, however, bench headed by Justice Dipak Misra refused to give six months time to the group to sell its properties. Court further said that in case, a substantial amount is deposited by then, this court may intend to extend the time.
Bench also asked the international real estate firm, which has shown willingness to buy Sahara’s stake in New York-based Plaza Hotel for $550 million, to deposit Rs 750 crore in the apex court registry before April 10 to show its bonafide.
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