Sahara's Subrata Roy warned by Supreme Court: Pay Rs 2050 crore by June 19 or go to jail

The top court has stayed auction of Sahara's Aamby Valley till June 19 but asked the Securities and Exchange Board (SEBI) to prepare for the auction of the residential township, situated close to Pune.

The Supreme Court today warned Sahara group chief Subrata Roy that he will be jailed if he fails to submit Rs 2050 crore while staying the auction of his group's Aamby Valley in Pune till June 19.

Subrata Roy submitted two post dated cheques worth Rs 1500, and Rs 550 crore in the court today. "Be ready to go to Tihar if you fail to honour the cheques," the court told Subrata Roy who was present in the court.

The court further asked the Securities and Exchange Board (SEBI) to prepare for auction of the group's Aamby Valley residential township, situated close to Pune.

The Supreme Court's order comes a couple of days after the Income Tax department issued a Rs 24,646 crore tax demand notice to Sahara Groups Aamby Valley Limited (AVL) after conducting a special audit of the company.

The department, as part of a special investigation and audit into the account books of AVL, found that an income of over Rs 48,000 crore for a particular assessment year was allegedly not reflected in the record books of the firm and hence it raised a fresh tax demand and penalty amount on it.

The Supreme Court, last week, had asked the Bombay High Courts official liquidator to sell the Rs 34,000 crore worth of properties of Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28.

"Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, had said, taking strong note of non-submission of over Rs 5,000 crore by the Sahara Group.

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