The Supreme Court on Thursday once again asked Sahara chief Subrata Roy to stay away from the auction of his Aamby Valley project in Pune.
The apex court warned Roy that it will send him back to jail if he interfered.
A bench of Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri appointed the Bombay High Court as the receiver of the properties, including the land, spread over 7,000 acres with a 99-year lease.
On being told that there were some obstructions, including snapping of water supply and locking up of properties, the bench said, "If it is so, then we will send this man (Roy) to jail and close the chapter."
Senior advocate Arvind Datar, representing Sebi, submitted that there have been advertisements by the group, claiming that it had Rs 2 lakh crore worth of property and was the second largest employer after the Railways.
Datar also expressed apprehension that there could be encroachment in the properties to be auctioned.
The apex court said the high court could adopt the necessary procedure to facilitate the auction of the properties.
Senior advocate Mukul Rohatgi, appearing for the group, submitted that it should be allowed to manage the township – with schools and hospitals – as it has been doing it for the last 20 years.
"Attachment of properties does not mean that I am out," he contended.
The bench, however, shot back, "If you are in, you are obstructing the auction. We want the properties to be auctioned. Until the time of the auction, we appoint the Bombay High Court as the receiver."
The court also pointed out that it has already ordered the Maharashtra DGP to provide all assistance in the auction process.
The court refused to consider a plea for buying two hotels of the group in New York in view of the pending auction of Aamby Valley properties.
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