Then, the specially constituted bench comprising of Justices Misra, Ranjan Gogoi and A K Sikri had even asked SEBI counsel Arvind Datar what would happen if the Sahara chief did not deposit the requisite amount. To this, the senior counsel had implied that at least 87 properties associated with the company would be attached, a receiver could be appointed and the properties sold through auction.
In December 2016, Roy informed the then Chief Justice of India TS Thakur, that Sahara had shared a “road map” with the appointed Amicus Curiae Shekhar Naphade to deposit the balance of the principal amount by December 2018. Based on this submission, the court had then extended Roy’s interim bail.
On January 4, 2012, Sahara had filed an affidavit with the apex court indicating that it had enough underlying “unencumbered” assets with Sahara India Real Estate Corporation (SIREC) and Sahara Housing Investment Corporation (SHIC), to repay its investors.
This affidavit was filed when the top court had temporarily stayed an October 2011 order by Securities Appellate Tribunal (SAT) – the body that hears appeals against SEBI orders. SAT had ordered Sahara to return the money it had collected by duping its investors.
It remains to be seen if Sahara submits the same “free and unencumbered” properties it had filed in the 2012 affidavit.
Watch here,
(Sourced from agencies, feature image courtesy: oneindia.com)
