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SC orders auction of Sahara's Aamby Valley

SC orders auction of Saharas Aamby Valley
The Supreme Court on Monday asked Bombay High Court's official liquidator to sell the Rs 34,000 crore worth of properties of the Aamby Valley owned by the Sahara Group and directed its chief Subrata Roy to personally appear before it on April 28.

"Enough is enough. You cannot say something today and resile tomorrow," a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, said, taking strong note of non- submission of over Rs 5,000 crore by the Sahara group.

The bench also cautioned Roy from playing with the court's order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril.

The bench asked the official liquidator, attached with the Bombay High Court, to auction the Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it.

The bench also directed Roy and his group as well as SEBI to provide all necessary details relating to the properties to the official liquidator within 48 hours.

Meanwhile, the top court restrained one Prakash Swamy, who has filed an affidavit with regard to the sale of Sahara hotels in the USA, from leaving India and asked him to deposit Rs 10 crore as fine with the market regulator SEBI.

Swamy will also have to appear in person in the apex court on April 28.

The Supreme Court had on April 6 warned the Sahara Group that if it failed to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17 in pursuance of its order, it will be "compelled" to auction its property at the Aamby Valley in Pune.

The top court had told the group that no extension of time would be granted for depositing the amount.

The observation had come when the lawyer mentioned an interim plea seeking an extension of time for depositing the money in the SEBI-Sahara refund account.

The court had also observed that it had clearly told the group that a "substantial amount" must come in the refund account.

"Whatever you do, we had told you that a substantial amount must come. Otherwise, we will be compelled to put up Aamby Valley for auction," the bench had said, noting "What matters is the money coming in the kitty."

The apex court had on February 28 said: "in case, the substantial amount is deposited, this court may think of extending the time, otherwise appropriate direction shall be issued".
M Post Bureau

M Post Bureau

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