However, this simply takes care of the principal amount. “The issue of amount of interest shall be adverted to after deposit of the principal amount,” a special bench led by Justice Dipak Misra said.
The SC attached Sahara’s prime real estate — situated a little over 100 kms from Mumbai, after it felt that the company’s proposed plan to replay the principal amount extending till 2019 was too long.
Sibal, however, urged the bench to hear his submissions before passing any order. “What is the hurry? There is no bank asking for money. There are no investors asking for money,” Sibal said, submitting the income-tax appellate tribunal order that claimed the company had already refunded 85 per cent of the investors.
Sahara has been directed to submit its list of properties by January 20 and the court will take up the matter a week later.
On January 12, the apex court threatened to cancel Sahara chief Subrata Roy’s bail and ordered him to deposit Rs 600 crore with market regulator SEBI before February 6 as directed by an earlier order.
