The Supreme Court on Thursday allowed Sahara Group to sell a part of its flagship property Aamby Valley City Project in Maharashtra and deposit the sale proceeds into the Sebi-Sahara account by May 15.
The Supreme Court on Thursday allowed Sahara Group to sell a part of its flagship property Aamby Valley City Project in Maharashtra and deposit the sale proceeds into the Sebi-Sahara account by May 15. However, the sale will be subject to approval by the company judge of the Bombay High Court and will take place in the presence of the receiver and official liquidator. A special bench headed by Chief Justice Dipak Misra said if the Sahara group fails to sell its property by May 15, it would proceed with the plan submitted by the Bombay HC liquidator that intends to auction five land parcels it has identified on June 2.
The official liquidator plans to sell five land parcels in Aamby Valley, each over 1,000 acre. A valuation report has been submitted in a sealed cover to the HC. Spread over 8,900 acres, Aamby Valley is Sahara’s flagship project comprising luxury resorts and an airport and valued at around Rs 38,000 crore.The plan to sell one land parcel by Sahara was opposed by the official liquidator. Its counsel Darius Khambata argued that the group may not be able to even sell one parcel by July. “Distributing it would create differences among parcel purchasers and result in a fresh round of litigation. Let the entire property go in one round,” he added.
However, Sahara asked the top court to allow it to sell the properties. “The whole concept will get destroyed if land is sold in parcels as they have identified. I will be able to sell without disturbing the character of the city”, said senior counsel Vikas Singh.The apex court had in February allowed the Aamby Valley, the township near Pune, to be split it into small parcels of land as there were no takers for the purchase of entire township.
The order was issued after the liquidator told the court that the entire landmass of the luxury project failed to draw any takers despite ample publicity of the intent to sell it via two advertisements published in 142 dailies. Sahara group chief Subrata Roy and its two directors are out on parole since May 2016, after spending two years at Delhi’s Tihar Jail. Roy and others are in judicial custody since March 4, 2014 for not complying with the apex court’s August 31, 2012 and December 5, 2012, orders relating to refund over Rs 24,029 crore from raised from three crore bond investors by two group firms.