Supreme Court orders sale of Sahara's Amby Valley

Supreme Court orders sale of Sahara's Amby Valley
The Supreme Court on Monday directed for personal appearance of Sahara chief Subrata Roy before it after finding that he has failed to deposit any sum out of Rs 5000 crore.
 
The court warned that it would send Roy to jail, saying “Enough is enough. He was out on parole only to perform his mother's rites...We cannot go on like this.”
 
The top court also took strong view of failure by US-based company's representative to show bona fide in buying a Sahara hotel Plaza. The court directed for personal presence of Chennai-based Dr Prakash Swamy on April 27 and directed him to deposit Rs 10 crore within 10 days in the Sahara-Sebi refund account which shall be forfeited.
 
A three- judge bench presided over by Justice Dipak Misra also ordered auction of Sahara's Amby Valley properties in Lonawala and appointed Bombay High Court as the official liquidator for the purpose.
 
"We are now inclined to go ahead with auction of Amby Valley," the bench, also comprising Justices Ranjan Gogoi and A K Sikri said, after noting Roy failed to deposit Rs 5000 cr as directed earlier.
 
The court ordered the Sahara chief to provide all necessary information about the properties to the Bombay HC within 48 hours.
 
On Sahara counsel senior advocate Salman Khurshid's plea that the group had got only got shares in Amby Valley, the bench said then Roy should be ready to go to jail. The bench reminded him that he cannot now resile from his affidavit that the properties worth Rs 34,000 cr belonged to you.
 
“We are absolutely sure that the contemnor (Roy) shall be guided by the affidavit that has been sworn and filed before this court and not play truancy with the contents of the affidavit. He who plays truancy with the majesty of law, invites the wrath and, may, ultimately, has to suffer the peril,” the bench said.
 
The court directed for presence of Roy on April 27 i e the next date of hearing.
 
The court said the group cannot be shown concession for its failure to deposit money to Sahara-Sebi account.
 
In its order, the court directed personal presence of Swamy on April 27. Swamy had earlier on behalf of MG Capital Holdings LLC, New York, USA, expressed desire to purchase the Hotel Plaza by giving 550 million US dollars. He was earlier ordered to deposit Rs750 crores with SEBI-Sahara refund account, but it was not done.
 
A counsel representing him said the company found that there was a difficulty in going ahead with the transaction.
 
Taking strong view on the issue, the court directed the Ministry of External Affairs, to ensure that Swamy does not leave the country. It also directed the Union government to issue a Red Corner Notice against Swamy in the course of the day. The court directed Swamy to deposit his passport with the Regional Transport Office in Chennai.

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