In Brief
SEBI sued to recover dues from Sahara Group after the company sold unregistered securities. The Supreme Court found Sahara's chief, Subrata Roy, in contempt for repeatedly failing to pay ordered dues despite multiple extensions. Though Roy promised payment through post-dated cheques and partial deposits, the Court rejected further indulgence, finding a pattern of deliberate evasion and abuse of process. The Court ordered the Aamby Valley property to be auctioned and directed SEBI to encash a cheque; if dishonoured, Roy would face contempt consequences. The auction proceeded under Supreme Court supervision with a designated overseer present.
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