The apex court was irked when Sebi claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.
The apex court also asked Sahara Group to provide it within two weeks the list of 'unencumbered properties' which can be put on public auction.
The Sahara Group had earlier sought 18 months' time to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore.
The apex court told Roy that his proposal of paying Rs 1,500 crore, if the auction process was halted or postponed, was unbelievable.
The bench asked the official liquidator, attached with the Bombay high court, to auction Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it
The story of Sahara India Pariwar founder Subrata Roy, who died in Mumbai on November 14 aged 75, is the stuff of movies - of a spectacular rise and an equally spectacular fall. Born in Araria, Bihar, Roy was 30 when he set up Sahara in 1978. He started with a capital of about Rs 2,000, a peon, a clerk and his father's Lambretta scooter in Gorakhpur, eastern Uttar Pradesh, writes Tamal Bandyopadhyay in his 2014 book, Sahara: The Untold Story. Sahara was not his first venture.
The apex court had also asked Sahara Group to provide it within two weeks the list of "unencumbered properties" which can be put for public auction to realise the remaining over Rs 14,000 crore
Sahara has ploughed at least Rs 1,500 crore from two of its credit cooperatives into the Aamby Valley resort project
Other London properties, aircraft & offshore accounts are yet to catch the attention of regulators.
All four societies were under common management of the Sahara group and had collectively garnered Rs 86,673 crore, including more than Rs 47,000 crore collected by Sahara Credit Cooperative Society Ltd from nearly 4 crore depositors.
Senior advocate Kapil Sibal, representing Roy, said it was quite difficult to raise money as the properties have already been attached.
Excerpted from Sahara: The Untold Story by Tamal Bandyopadhyay.
Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara, has sought time till August 15 for realisation of the cheque and giving a road map for depositing the remaining amount.
Besides Roy, two other directors, Ravi Shankar Dubey and Ashok Roy Choudhary, were also arrested for the failure of two group companies.
Company has submitted before the court that the plaintiff is attempting to attach property that falls outside of the jurisdiction of the court
This lawsuit will have no bearing on its fund-raising exercise as a deal is already in final stages
'A law firm checked credentials of Karan Ajit Judge and Nouam'
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