News Nation Logo

SC orders auction of Sahara's Aamby Valley as it failed to deposit investors' money

The Order Has Been Passed After The Business Conglomerate's Alleged Failure To Deposit Money For Refunding To Its Investors.

News Nation Bureau | Edited By : Vikas Mehta | Updated on: 17 Apr 2017, 03:27:21 PM

New Delhi:

The Supreme Court on Monday ordered auction of Sahara's Aamby Valley at Lonavala and appointed Bombay HC official liquidator for selling the property.

The order has been passed after the business conglomerate's alleged failure to deposit money for refunding to its investors.

The Apex Court bench directed that Sahara Group's Subrata Roy be personally present in the next date of hearing on April 28th in the case. The Supreme court has asked Sahara to deposit all necessary documents related to Aamby Valley with 48 hours. 

The SC directed the SEBI and Bombay High Court to initiate the process of auction immediately after receiving the documents. 

The Apex Court had directed the Sahara Group to deposit Rs 5092.6 cr by April 7 in the SEBI-Sahara account to keep its chief Subrata Roy out of jail and had said the amount will be refunded to the investors.  

The Supreme Court had  warned the Sahara Group that it would auction its prime property worth Rs 39,000 crore at Aamby Valley in Pune if Rs 5092.6 crore is not paid by the company by April 17 as promised.

A bench headed by Justice Dipak Misra had also directed the international real estate firm, which had shown willingness to buy Sahara’s stake in New York- based Plaza Hotel for USD 550 million, to deposit Rs 750 crore in the SEBI-Sahara refund account instead of the apex court registry to show its bonafide.

Read Also | Will auction Aamby Valley property worth Rs 39,000 crore if Rs 5,000 cr not paid: SC to Sahara

For all the Latest Business News, Companies & Commodities News, Download News Nation Android and iOS Mobile Apps.

First Published : 17 Apr 2017, 01:26:00 PM