In Brief
In a long-running contempt matter against Sahara India Real Estate concerning non-payment of dues to SEBI, the Supreme Court directed specific compliance measures. The Court accepted the Official Liquidator's valuation of Aamby Valley City assets at Rs. 37,392 crores as a reserve price for auction and approved proceeding with auction formalities. The contemnor undertook to pay Rs. 2,052.21 crores in two post-dated cheques or by electronic transfer. The Court convicted M.G. Capital Holdings' power-of-attorney holder for contempt for failing to deposit Rs. 10 crores and sentenced him to one month's imprisonment, considering his personal circumstances."
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