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SC allows Sahara to sell Aamby Valley partially

Team SoOLEGAL 20 Apr 2018 6:43pm

SC allows Sahara to sell Aamby Valley partially

New Delhi: A Supreme Court bench headed by Chief Justice Dipak Misra gave its nod to partial sale of Aamby Valley project in Maharasthra so as to allow it raise Rs 750 crore and deposit the amount with the Bombay High Court. But if the company fails to sell the property by May 15 and deposit the amount, the liquidation process will be started by the Bombay High Court. The court has set fixed May 16 as the next date of hearing.

It may be recalled that Sahara’s had long legal tiff with SEBI which said that since it ran investment scheme, rules related to Mutual fund were to be applied. It asked it to refund all the investors and deposit the proceeds with it.

In this case Sahara's chief Subroto Roy has spent almost two years in jail and last year in May was released on parole to attend his mother's funeral. The parole has since been extended.

The court appointed liquidator has submitted in its report, that it has commenced the procedures for auctioning the Aamby Valley property. The bids will be invited from May 21 to 31 and the auction would begin from June 2. Sahara's counsel stated that Sahara’s have deposited Rs 17,000 crore already and if the company deposits another Rs 750 crore, the auction process will be abandoned.

On November 23, the apex court had granted liberty to 2 Bombay High Court judges to adopt procedures to facilitate the auctioning of the properties and directed the liquidator not to allow any obstruction in the process.The marquee integrated hill city township which is spread across 6,761.642 has been put on auction at a reserve price of Rs 37,392 crore twice already in October and December but no bids were received.




Tagged: SC   Sahara   SEBI   Bombay High Court  
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