In Brief
In this interlocutory application arising from SEBI's enforcement against Sahara India Real Estate Corporation, the Supreme Court approved the settlement offered by contemnor Subrata Roy Sahara to pay Rs. 1500 crores via RTGS by 15 June 2017 and Rs. 552.21 crores via cheque by 15 July 2017 towards the outstanding principal of Rs. 11,169 crores. The Court fixed a reserve price of Rs. 37,392 crores for auction of Aamby Valley City assets based on the Official Liquidator's valuation report. The Court found a power-of-attorney holder of M.G. Capital Holdings guilty of contempt for failing to deposit Rs. 10 crores, sentencing him to one month simple imprisonment. Ongoing auction proceedings were directed to continue with draft terms and conditions to be filed by 19 June 2017.
The lawyer headnote and full judgment text are available to registered users.