Supreme Court Orders Fresh Bid To Sell Sahara's Aamby Valley

Team SoOLEGAL 25 Nov 2017 10:20am

Supreme Court Orders Fresh Bid To Sell Sahara's Aamby Valley

Subrata Roy's dream project Aamby valley can be auctioned soon. The Supreme Court of India has appointed a receiver to manage Aamby Valley properties while directing its fresh action after the earlier attempt failed and warned that it would send Sahara Group Chief Subtrata Roy behind bars if he created any obstacles in the process.

Appointment of receiver means the Sahara Group would have no control over the prized property. An earlier attempt to put it under the hammer failed as no bidder showed interest.

A bench of Supreme Court comprises of Chief Justice Dipak Misra and Justices Ranjan Gogoi and AK Sikri entrusted the task to official receiver of the Bombay High Court to manage the properties after allegations were made that Roy jeopardised the global auction of the asset by interfering in the process and some encroacher might take possession of the property, which has been attached by the Supreme court.

Aamby Valley is Sahara's most valuable property comprising luxury resorts, man-made lakes and an airport.  In January 2012, Sahara valued the property at Rs. 34,000 crore but the liquidator pegged its worth at Rs. 43,000 crore.

Tagged: Supreme Court   Sahara Group   Subrata Roy   Aamby Valley  
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