SC rejects Sahara’s plea to hold Aamby Valley auction

SC rejects Sahara’s plea to hold Aamby Valley auction
Aug 2017 , by , in Latest News

The Supreme Court refused to accept Sahara chief Subrata Roy’s plea to put on hold the auction process of the Aamby Valley project in Pune.

A bench of justices Dipak Misra, Ranjan Gogoi and A. K Sikri said, “The prayer of the contemnor (Roy) is hereby rejected.”

During the hearing, senior advocate Kapil Sibal, appearing for Roy, demanded to hold the auction process till September so that Sahara could arrange Rs 1,500 crore to be deposited into Sebi-Sahara account. The bench, however, said that it will pass orders at an appropriate time.

Roy had moved the apex court seeking to put a hold on the auction process to sell the group’s Rs 34,000- crore worth Aamby Valley property by the official liquidator of the Bombay High Court. The apex court had on July 25 had asked Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.

The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.

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