The Supreme Court on Wednesday said that the process to auction Sahara Group’s prime Aamby Valley property in Maharashtra would continue as the group failed to deposit Rs 750 crore by May 15. A bench led by Chief Justice Dipak Misra while continuing the auction process also allowed Sebi to go ahead with the valuation of shareholding of the Sahara group firms which own the luxurious project. However, no formal orders were passed in this regard.
Senior lawyer Avind Datar, appearing for Sebi, suggested the apex court to consider sale of shares of the companies instead of their assets as the entire landmass of the luxury project failed to draw any takers so far. Senior advocate Vikas Singh, representing the Sahara group, informed the Bench that they have failed to sell a parcel of the Aamby Valley and thus could not deposit the money by May 15.
Last month, the Sahara Group was allowed to sell a part of its flagship property and deposit the sale proceeds into the Sebi-Sahara account by May 15. The SC had made it clear that if the Sahara group failed to sell its property by then, it would proceed with the plan submitted by the Bombay High Court official liquidator (OL) that intended to auction five land parcels on June 2.
The OL plan to sell five land parcels in Aamby Valley, each over 1,000 acre, has been submitted to the court. A valuation report has been submitted in a sealed cover to the HC.
The apex court in February had 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 OL 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.