SC orders attachment of Sahara's Aamby Valley project near Lonavala worth Rs 39,000 crore

Supreme Court on Monday gave a major blow to the Sahara group, after it ordered attachment of the group’s flagship Aamby Valley project worth Rs 39,000 crore near Lonavala, Maharashtra. Sahara however, requested the court to not to order the attachment of the Aamby Valley.

The apex court has also asked Sahara to submit the list of properties by February 20 that can go under the hammer.

The court has however extended the parole of Sahara chief Subrata Roy after the Sahara group deposited rs 600 crore with market regulator, SEBI.

The next hearing is scheduled for February 27. 

Market regulator SEBI had earlier said that Sahara Group was liable to pay Rs 37,000 crore with interest to SEBI, of which the principal amount payable was Rs 24,000 crore.

Sahara has already paid Rs 10,918 crore out of Rs 24,029 crore raised from investors, SEBI had said.

On last hearing on January 6, The court has been extending the parole of Roy and two directors—Ashok Roy Choudhary and Ravi Shankar Dubey—on payment of certain amount in the SEBI-Sahara refund account.