The Sahara Group sought more time for review of repayment plan.
New Delhi: Subrata Roy’s Sahara Group moved the Supreme Court on Wednesday seeking a stay on the order for auction of its Pune-based township Aamby Valley.
Kapil Sibal, counsel for Sahara made a plea to the bench headed by Justice Deepak Misra, asking for more time to review the payment plan, reported Livemint. The group also said that it was in the process of repayment of funds to its investors.
The bench said that the matter would be heard at a later date.
In August 2014, market watchdog Sebi had moved the apex court to recover Rs 36,000 crore from the Sahara group to repay investors.
The Supreme Court on July 25 directed the group chief Subrata Roy to deposit Rs 1,500 crore in the SEBI-Sahara refund account by September 7. It said that the auction process would be stopped if Sahara was able to furnish the payment in time.
As part of its recovery deposits, Sahara was required to give Rs 552 crore, out of which it deposited Rs 247 crore, said Kapil Sibal on July 25. The remaining Rs 305 crore will be a part of the Rs 1,500 crore that the group has been ordered to pay under the latest installment.
The Supreme Court had extended the parole granted to Roy earlier till October 10. The bench had also directed the official liquidator of the Bombay High Court to proceed with the publication of sale notice with regard to auctioning of Sahara's prime property at Aamby Valley.