Sahara asks Supreme Court to stay Aamby Valley sale notice

By: | Updated: August 10, 2017 6:27 AM

In its another last ditch attempt to save its luxurious Aamby Valley project from auction, the Sahara Group on Wednesday approached the Supreme Court asking it to stay the publication of the sale notice as a Mauritius-based company was willing to invest $1.67 billion in the 8,900-acre Pune-based flagship project.

Senior counsel Kapil Sibal, appearing for Sahara, mentioned its fresh application before a bench led by Justice Dipak Misra, who said it will take up the matter at a later date.

In its another last ditch attempt to save its luxurious Aamby Valley project from auction, the Sahara Group on Wednesday approached the Supreme Court asking it to stay the publication of the sale notice as a Mauritius-based company was willing to invest $1.67 billion in the 8,900-acre Pune-based flagship project.

Senior counsel Kapil Sibal, appearing for Sahara, mentioned its fresh application before a bench led by Justice Dipak Misra, who said it will take up the matter at a later date.

Sahara told the court that it has entered into a proposed agreement with Royal Partners Investment Fund, a Mauritius based company, for an investment of $1.67 billion in the Aamby Valley project in Maharashtra and the same is subject to approval by the apex court. It said that there is an understanding that 50% of the invested amount, ie, Rs 5,000 crore would be deposited towards the designated Sebi-Sahara refund account and the balance would be utilised for the development and completion of the project. According to the group, the transaction would go through only if the court vacated its attachment order of the property and also stayed the auction.

“Royal Partners Investment Fund has put a condition that their investment would be possible only Aamby Valley is not announced for any sale/auction, else they will withdraw from the proposal,” the application filed through counsel Gautam Awasthi stated.

He further submitted that the banks term sheet/statement showed that the investment fund firm’s liquid assets were more than sufficient to cover the investment of $1.67 billion in the project.

“The investor needs 100% lien free Aamby Valley, which shall be mortgaged in their favour,” the application stated.

The apex court had on July 25 directed the official liquidator of the Bombay High Court to go ahead with the publication of the sale notice of the property and carry out the satisfaction of the KYC (know your customer) norms to be submitted by prospective bidders.

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