Sahara files interim plea to stop Aamby Valley auction

Sahara chief Subrata Roy has moved the Supreme Court, to put a hold on the auction of the group’s Aamby Valley property, saying that the group has a payment plan to offer

Sahara chief Subrata Roy, on August 9, 2017, moved the Supreme Court, seeking to put a hold on the auction process to sell the group’s Rs 34,000-crore Aamby Valley property by the official liquidator of the Bombay High Court. A bench, headed by justice Dipak Misra, considered the fresh interim plea, mentioned by senior advocates Kapil Sibal and Mukul Rohatgi for an urgent hearing and said that he would consult justices Ranjan Gogoi and AK Sikri and then fix a hearing date.

A special bench which has been dealing with the matter relating to the SEBI-Sahara payment dispute, comprises justices Misra, Gogoi and Sikri. The senior counsel, representing the Sahara Group, said the auctioning process for the Aamby Valley property in Pune district of Maharashtra be put on hold, as the group had a payment plan to offer.

See also: SC orders sale of Sahara’s Aamby Valley

The apex court had, on July 25, 2017, asked the embattled Sahara chief to deposit Rs 1,500 crores in the SEBI-Sahara account by September 7, 2017 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. “The official liquidator shall publish the sale notice as given by him and the notice shall be published on August 14, 2017. The steps which are required to be taken for the publication of the sale notice, are allowed,” the court had said.

The Sahara Group had earlier sought 18 months’ time, to repay the balance of around Rs 9,000 crores of the principal amount of Rs 24,000 crores. Sibal, however, had said according to the group, the remaining amount was around Rs 8,000 crores and they had made all efforts to deposit the money.

Roy, who spent almost two years in jail, has been on parole since May 6, 2016. The parole was granted the first time to enable him to attend the funeral of his mother. It has been extended since then. Besides Roy, two other directors – Ravi Shankar Dubey and Ashok Roy Choudhary – were arrested for the 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 crores to their investors. Another company director, Vandana Bhargava, was not taken into custody.


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