Millennium Post

SC rejects Sahara's plea for lifting attachment, auction of Aamby Valley

New Delhi: The Supreme Court on Monday rejected a plea by Sahara Group urging it to lift attachment of its Aamby Vally project and permit it to enter into agreement with Royal Partners Investment Fund for selling it 26 per cent stakes in it for $1.6 billion.
Seeking the lifting of attachment and halt to the court ordered auction of Aamby Valley, Sahara told the bench of Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri that it has already sold its two hotels in New York.
However, the court said that if Sahara group was able to fructify deal with the Royal Partners Investment Fund and deposit the amount with the court, then it would pass appropriate orders to that effect.
On April 16, the top court had asked the Bombay High Court's official liquidator to evaluate and auction the Aamby Valley property of the Sahara Group. In his report on its worth, the liquidator had said that its market value is Rs 37, 390 crore and the fair value is Rs 43,000 crore.
Senior counsel Kapil Sibal, appearing for Sahara, said that in lieu of $1.6 billion, the de Royal Partners Investment Fund would get 26 per cent stake in Aamby Valley.
Declining to entertain the plea by Sahara group's two companies - Sahara India Real Estate Corporation Ltd and Sahara Housing Finance Corporation Ltd, the court in order said: "However, if the applicant enters into any negotiations and Royal Partners Investment Fund deposits the amount before this Court, appropriate order shall be passed on the next date of hearing."
The court also directed Subrata Roy to present in the court on next date of hearing.
The court rejected Sahara's plea even though Sibal told the court that since last hearing of the matter, the group has deposited about Rs 530 crore and sought time till November 11 to pay the balance of Rs 966 crore.
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