Supreme Court orders fresh auction of Sahara Aamby Valley
November 24, 2017In order to auction Sahara Group Aamby Valley property, the Supreme Court has directed official Receiver of the Bombay High Court to assist the liquidator. The bench comprising of Justice Dipak Mishra and Justice Ranjan Gogoi and A K Sikri also asked the official liquidator of the Bombay High Court to take the help of the Receiver and ensure that Aamby Valley project is auctioned. The Sahara Group has sought 18 months to repay around Rs. 9,000 crore balance of the principal amount of Rs. 24,000 crore.
On October 12 the top court stated categorically stated that any alleged obstruction by the Sahara Group in the Aamby Valley Auctioning process and warned that anyone causing any impediment would be liable to contempt and sent to jail.
Further, on August 10, the Apex Court has rejected the Sahara chief Subrata Roy’s plea to put on hold the auction process. The court has stated that the auction process will be will b taking place as per the schedule and if Rs.1,500 crore is paid by Subrata Roy in the SEBI Sahara Refund Account by September 7. Subrata Roy has spent almost two years in the jail and has been on parole since May 6 last year.
Besides Roy, the other two directors Ravi Shankar Dubey and Ashok Roy Choudhary were arrested for failure of the group’s two companies- Sahara India Real Estate Corporation(SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) to comply with the court’s August 31, 2012 order to return Rs. 24,000 crore to their investors.