In Brief
SEBI sought enforcement of an outstanding monetary liability of Rs 600 crores against Sahara India Real Estate Corporation through contempt proceedings. The company had transferred Rs 295 crores from London accounts and subsequently deposited approximately Rs 286 crores. The Supreme Court directed the contemnors to provide a list of unencumbered properties for public auction and accepted their roadmap to clear the principal amount by July 2019. The Court ordered attachment of the Aamby Valley City property in Pune to ensure performance, holding that this specific asset would suffice to realize the full amount due. Interest liability was deferred pending full deposit of principal.
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