The Supreme Court says it will auction the Sahara group’s Aamby Valley project if the money is not paid by Subrata Roy and others. The Rs 39,000 crore property at Aamby Valley in Pune was attached by the court in January in an ongoing case against the business tycoon for which he has already spent time in Tihar jail of Delhi.
Sahara, who set up a multi-million dollar business conglomerate, was sent to jail by the top court in 2014 after his group failed to repay the amount to its two crore small investors as ordered by the court.
In an August 2012 verdict, the SC had ordered two of Sahara companies to refund Rs 24,000 crore, along with 15 per cent interest, to more than two crore small investors who had invested in their optionally fully convertible debentures (OFCDs) between the years 2008 and 2011. Sahara was sent to jail on March 4, 2014 for failing to pay a sum of Rs 10,000 crore.