Sebi moves Supreme Court against Sahara, says firm obstructing Aamby Valley auction

Team SoOLEGAL 10 Oct 2017 3:06pm

Sebi moves Supreme Court against Sahara, says firm obstructing Aamby Valley auction

On Tuesday, Markets regulator Securities and Exchange Board of India (Sebi) has moved a contempt petition in the Supreme Court against Subrata Roy owned Sahara Group for obstructing the auction of Aamby Valley project.

Sebi in its petition said that the Aamby Valley Limited has been declared lockout just before the auction.

Aamby Valley Limited, according to the Sebi petition wrote to the police department stating that they do not have sufficient fund to manage the Valley project's security and asked police to take over it.

Now, in this situation auctioning of the same has become tricky.

Last month, the Supreme Court rejected Subrata Roy's plea for more time to deposit remaining Rs 966.80 crore out of Rs 1500 crore by November 11. It said that any extension of deadline will amount to 'travesty of justice'.

It also allowed official liquidator to go ahead with the scheduled auction of Sahara's Aamby Valley project.

The apex court was hearing the case involving Sahara India's Chief Subrata Roy and the Securities and Exchange Board of India (SEBI) over a dispute of returning money to its investors. In strongly worded order, SC said that "We are constrained to state that the respondent (Subrata Roy) in his own way has treated this Court as a laboratory and has made a maladroit effort to play, possibly thinking that he can survive on the ventilator as long as he can. He would have been well advised that a person who goes on a ventilator may not survive for long and, in any case, a time would come when he has to be comatosed."

The official liquidator of the Bombay High Court has put Aamby Valley, the marquee property of group, on sale for a reserve price of Rs 37,392 crore. The auction, the most expensive real estate auction in the country, is scheduled to be held on October 10 and 11. Even to participate in the auction, prospective bidders will have to pay an amount of Rs 5,600 crore and above. The auction includes an integrated hill city township, Aamby Valley City Development spread over 6,761 undulating acre of land. The auction also includes land admeasuring 1,409 acre surrounding Aamby Valley City Development and another piece of land admeasuring 321 acre in Satara district.


Tagged: Aamby Valley project   Sebi   Aamby Valley   Supreme Court     
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