The Supreme Court on Monday asked the Sahara group to pay another Rs 300 cr by August 3 to further extend the interim bail granted to group chairman Subrata Roy till that time, and warned that the court would send Roy back to jail along with the two other directors should the company fail to pay up the amount.
When Sibal pointed out difficulties in selling and alienating the properties, the bench said "why don't we appoint a receiver and entrust him all properties".
The court also allowed the group to remit £24 million pounds (around Rs 200 crore), which it had received as a bridge loan from Reuben Brothers, to the Sebi-Sahara account. "We are informed not much have been achieved because of the condition stipulated in our earlier order", the court order noted.
Meanwhile, the bench also granted parole to another Director of the Group, Ravi Shanker Dubey, who was jailed along with Roy and other director Ashok Roy Choudhary. Nothing is moving forward despite granting you facilities both inside and outside the jail to carry out negotiations for sale of properties in India and overseas. The order came as Roy's counsel Kapil Sibal told the bench that Sebi was not giving the account of the proceeds from these.
He also told Roy not to test the court's "patience" and "capacity" to hear the matter and said:. Either you pay or go back to jail. The court had passed an order and now it was time for its implementation, it said.
Sahara has also not submitted any plan for the eventual repayment of all Sahara dues to SEBI.
The court also allowed Sahara to sell its properties at circle rates while lifting restriction on sale of properties at market value.
SEBI was asked to devise a suitable mechanism for the sale in consultation and under the supervision of Justice B N Agrawal, former Supreme Court judge, and seek help of experts or expert agencies, if required in the process.
A bench, headed by Chief Justice TS Thakur, in its order yesterday put a strict condition that Mr Roy will have to deposit the balance of 300 crores, of the 500 crore rupees promised by him.