In Brief
SEBI sought enforcement of a financial obligation against Sahara India Real Estate Corporation arising from securities violations. The corporation had committed to paying Rs. 1,500 crores by June 15, 2017, and Rs. 552.21 crores by July 15, 2017, through post-dated cheques. By July 5, 2017, Rs. 1,500.40 crores had been received, satisfying the first commitment. The Court rejected a request to extend the deadline for the second cheque and directed SEBI to present it for encashment. It approved auction terms for the Ambey Valley property as a backup enforcement measure. The Court emphasized that repeated extensions would not be granted and that realization of the approximately Rs. 9,000 crores owed remained the primary objective.
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