Sahara Petitions Supreme Court To Stop Aamby Valley Auction

Supreme Court to hear Sahara Group's plea to stay Aamby Valley auction

Sahara asks Supreme Court to stay Aamby Valley auction, seeks more time to repay investors

On April 27, the Supreme Court had warned the embattled Sahara group chief that he will be jailed if he fails to submit Rs 2,050 crore while staying the auction of his group's Aamby Valley in Pune till June 19.

The Sahara Group on Wednesday approached the Supreme Court asking it to put on hold the auction of Aamby Valley.

The court has been recovering money from the group in instalments. Sahara was also asked to deposit Rs. 1,500 crore with market regulator Sebi by September 7.

A three judge bench of the apex court, headed by Justice Dipak Misra and comprising Justices Ranjan Gogoi and Arjan Kumar Sikri, was hearing the arguments between Sahara and the Securities and Exchange Board of India (SEBI). Senior advocate Kapil Sibal, appearing for the conglomerate, urged the bench to delay publishing the sale notice and also sought more time to review Sahara's payment plan.

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Besides Roy, two other directors-Ravi Shankar Dubey and Ashok Roy Choudhary-were arrested for failure of the group's two companies-Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. The apex court had asked the Bombay High Court to act as liquidator in the sale.

The bench, however, said that Rs 1,500 crore which Roy would deposit by September seven would also include the balance amount of Rs 305.21 crore. Sahara had acknowledged that it owed Rs 14,000 crore as principal money to Sebi, but the top court had denied its offer to clear its dues by July 2019.

According to the liquidators evaluation, Aamby Valley - movable and immovable assets - is valued at Rs 43,461 crore at a ready reckoner rate, and its fair market price is valued at Rs 37,392 crore.

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