The Supreme Court on Tuesday ordered Sahara chief Subrata Roy to deposit Rs.1,500 crore by September 7, failing which the process to auction Aamby Valley will start.
The Sahara chief told the apex court that he won't be able to pay up the sum by the deadline. The top court then asked the Bombay High Court official liquidator to proceed with publication of the sale notice of Sahara's prime Aamby Valley properties.
The next date of hearing in the Aamby Valley case is September 11.
In its previous hearing, the apex court had given 15-day time to Roy to deposit Rs. 552 crore in connection with the case.
A three-judge bench of the apex court had said that if Roy fails to pay the amount within 15 days, the court would direct the commencement of the auction process for Aamby valley property.
The Securities and Exchange Board of India (SEBI) had registered a case against Sahara India Real Estate Corporation, Sahara Housing Investment, their promoter Subrata Roy and the three directors in 2012, alleging that these companies had collected a huge sum of money from investors without listing the securities on the stock exchanges.
(With inputs from agencies)