1. Major setback for Sahara and Subrata Roy, SC orders auction of Aamby Valley

Major setback for Sahara and Subrata Roy, SC orders auction of Aamby Valley

The Supreme Court bench has also directed Sahara Group's Subrata Roy to be present on the next date of hearing which has been scheduled for 28th April

By: | New Delhi | Updated: April 17, 2017 3:10 PM
Aamby Valley, aamby valley auction, Sahara, Subrata Roy, Sebi, Subrata roy property sold, subrata roy aamby valley, aamby valley sahara, sahara vs sebi The Supreme Court has asked Subrata Roy to be present for the next hearing on 28th April. (Source: PTI)

In a major setback to the Sahara group and its chairman Subrata Roy, the Supreme Court on Monday afternoon ordered an auction of the Aamby Valley according to the reports by Times Now. The decision was taken over the business conglomerate’s alleged failure to deposit money for refunding to its investors. The prime Aamby Valley in Pune is worth about Rs 40,000 crores and the Supreme Court ordered its auction to recover Rs 14,779 crores Sahara allegedly owes with market regulator SEBI. The Supreme Court bench has also directed Sahara Group’s Subrata Roy to be present on the next date of hearing which has been scheduled for 28th April. SC has appointed the Bombay High Court as the official liquidator for selling the property.

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In the last hearing which took place in March, the top court had warned if Sahara will fail to deposit Rs 5,000 crore, the Aamby Valley project could be auctioned. Before that, the court had also asked the Ghaziabad development authority to deposit Rs. 1,100 crore to the apex court registry for acquiring land from Sahara. Earlier this month, the Supreme Court gave another blow to Sahara when it refused to extend time granted to founder and chairman of the Sahara group, Subrata Roy for depositing the money.

Exchange Board of India (SEBI) had alleged that Roy had failed to comply with Supreme Court’s order issued in 2012 in which he was directed to over 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. In February 2017, Sahara officials admitted before the Supreme Court that it had to pay rs 14,000 Cr as principal money to SEBI and that it had already paid Rs 11,000 Cr.

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