In Brief
SEBI sought enforcement of the Supreme Court's undertaking in a contempt proceeding against Sahara India Real Estate Corporation, seeking payment of approximately Rs. 8,651 crores owed to investors. The respondent repeatedly sought extensions and offered post-dated cheques instead of immediate payment. The Court rejected further extensions and ordered the auction of Aamby Valley property to proceed without delay, appointing the Registrar General of the High Court as Supreme Court appointee to oversee the process, finding the respondent's conduct was an abuse of judicial process and travesty of justice.
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