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Supreme Court orders auction of Sahara’s Aamby Valley

Supreme Court

New Delhi: The Supreme Court on Monday ordered the auction of Sahara’s Aamby Valley city at Lonavala after the group’s chief Subrata Roy failed to deposit Rs  5092.6 crore to refund its investors.

The property in Lonavla is valued at Rs 39,000 crore. A top court bench headed by Justice Dipak Misra  also directed Roy to appear in court on April 28.

It has appointed a Bombay High Court official as liquidator for selling the prime property.

The Supreme Court had on April 6 said if the Sahara Group fails 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 valued at Rs 39,000 crore at Aamby Valley in Pune.

The SC had in August 2012 ordered Sahara to repay over Rs 25,000 crore to investors by depositing the amount with market regulator SEBI after it found that two group companies – Sahara Real Estate and Sahara Housing – had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.

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