A three-judge bench, comprising Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri, also warned Sahara Group chief Subrata Roy, facing contempt proceedings, that it may send him to jail again, following SEBI's submission that there was confusion with regard to the title or ownership of some properties in the Aamby Valley.
"Does the property belong to the contemnor," the bench asked. On being told by SEBI that "some are on lease and some are sold", it said "then we will send this man to jail and close the chapter".
The apex court took note of the submission of senior advocate Arvind Datar, appearing for the market regulator, that the High Court judges intended to have "certain directions from this court to proceed with the auction".
"Having heard Arvind P Datar..., we think it appropriate to state that the Judges of the High Court are at liberty to adopt the procedure which will facilitate the auction and the mode of auction as suggested by the Official Liquidator (OL) shall be considered by the Company Judge in consultation with Justice A S Oka (another HC judge)," it said.
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"In view of the aforesaid, we appoint the Official Receiver of the Bombay High Court as Receiver in respect of the Amby Valley city. The said arrangement shall remain in force till the auction is over. The duty of the Official Receiver is also to see that the property is properly maintained and no encroachment takes place so that valuation does not reduce and auction takes place in peaceful manner.
It also directed that a sum of Rs 84 lakh be released in favour of the Bombay High Court's OL, who has been entrusted with the task of conducting the auctioning process, for "publication or advertisement".
"If more expenses are required, the same can be requisitioned by the Bombay High Court from the SEBI-Sahara account," it said, adding that requisite steps would be taken by the SEBI and the OL.
During the hearing, the bench warned the OL that there should not be any hindrance to the auctioning process.
Earlier, the apex court had taken strong exception to the Sahara Group allegedly obstructing the auctioning process of Aamby Valley and warned that anyone indulging in such an act would be held liable for contempt and "sent to jail".
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.
It had said that the auction process would proceed as per schedule and if Rs 1,500 crore is paid by Roy in the SEBI- Sahara refund account by September 7, then it may pass an appropriate order.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend the funeral of his mother. It has been extended since then.
Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.