The Supreme Court of India on Monday ordered that Sahara group’s iconic Aamby Valley project near Lonavala will be attached in the public auction to recover dues, which means that now it will be under the supervision of the court and nobody can do anything with it till the next hearing. The Aamvby Valley property is worth Rs 39,000 cr. The Sahara officials admitted before the Supreme Court that it had to pay Rs 14,000 cr as principal money to Securities and Exchange Board of India (SEBI) and that it had already paid Rs 11,000 cr. Earlier in the case the apex court had asked Sahara to furnish a list of all the properties that were free from litigation and mortgage so that it can be put into public auction. The next hearing in the case will take place on February 27.
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The Securities and Exchange Board of India (SEBI) had alleged that Roy had failed to comply with the 2012 SC order directing him to return more than Rs 20,000 crore to the investors with 15 percent interest that his two companies Sahara India Real Estate Corp Ltd and the Sahara Housing Finance Corp Ltd had raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.
Earlier, Sahara Chief Subrata Roy’s parole was extended till November 28 after a note was taken for the deposit of Rs 200 crores that he made with SEBI in October 2016. The Sahara Chief was in Tihar jail since March 4, 2014 till his mother’s death in May 2016, he was granted four weeks’ custody parole for his mother’s last rites.
According to Sahara, more than 80 percent of the dues has been returned to share-holders, but SEBI has disputed that and said the company has not paid more than Rs 10,000 crores.