SC to Sahara: Aamby Valley to be auctioned if Rs 552 cr not paid by July 15

SC fixed the matter for hearing on July 20 while continuing with the relief granted to Subrata Roy

The Supreme Court on Wednesday rejected Sahara chief Subrata Roy's plea to grant him more time to pay the dues to Securities and Exchange Board of India (Sebi) and warned that if Rs 552 crore was not paid by July 15, appropriate consequences would follow.

Roy’s counsel handed over a Rs 552-crore cheque to the Sebi counsel in the court but it was dated July 15. If the cheque is dishonoured, the Amby Valley project near Pune could be auctioned off. 

Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for the Saharas, sought time till August 15 for realisation of