The Supreme Court has given a strong blow to the Sahara Group. The apex court has ordered the auction of property belonging to Pune based Ambi Valley.

The Sahara group failed to get the deposits to its investors, after which the court gave the ruling. The bench of Supreme Court has directed Subrata Roy of Sahara Group to be present in the case on 28th April itself.

The apex court had warned Sahara group in its hearings on March 21 that if it does not deposit the outstanding Rs. 5,092.6 crores till April 17, then its principal property worth 39,000 crores will be auctioned in its Ambi Valley in Pune. Earlier, the Supreme Court had ordered the attachment of this major property of Sahara Group to recover the money.

The apex court had asked the Sahara Group to give a list of properties in two weeks which there is no liability and can be kept for public auction so that the remaining amount of original money returned to the investors Rs 14,000 crore can be raised.

The original amount raised by investors is Rs 24,000 crore which is to be returned. This money has to be deposited in the SEBI-Sahara account.

The court had on November 28 last year asked Sahara group chief Subrata Roy to deposit Rs 600 crore in the SEBI-Sahara refund account till February 6 to stay out of jail.

The court had warned that if he can not do it then he will be sent back to jail.

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