SEBI moves SC against Sahara, alleges obstruction in auction of Amby Valley

The Securities Exchange Board of India (SEBI) on Tuesday moved a contempt petition in Supreme Court against Sahara for alleged obstruction in the auction of Amby Valley project.

The SEBI told the Apex Court that Sahara had not paid money to all the investors. On the other hand, Sahara claimed they had almost paid more than 75% money.

Last month, the Supreme Court had rejected Sahara chief Subrata Roy’s plea seeking two more months to deposit Rs 966.80 crore of the remaining Rs 1500 crore, saying he was trying to treat the apex court as “a laboratory” to play with the law.

SEBI moved a contempt petition in Supreme Court against Sahara for alleged obstruction in the auction of Amby Valley project pic.twitter.com/i3EymGiT2T

— ANI (@ANI) October 10, 2017

The apex court had directed the official liquidator to go ahead with the scheduled auction of the group’s Aamby Valley property in Maharashtra valued at Rs 37,392 crore, as it rejected Roy’s plea to extend the time till November 11.

SEBI told Supreme Court that Sahara had not paid money to all the investors. Sahara claimed they had almost paid more than 75% money.

— ANI (@ANI) October 10, 2017

The directions came after Roy had said that he had deposited Rs 533.20 crore in the Sebi-Sahara account and wanted to pay the remaining Rs 966.80 crore through cheques dated November 11. (With PTI Inputs)

Also Read | Sahara SEBI Case: Supreme Court declines to stay auction of Aamby Valley