SC Appoints Bombay HC Liquidator For Auction Of Sahara’s Aamby Valley

April 17, 2017 20:08
SC Appoints Bombay HC Liquidator For Auction Of Sahara’s Aamby Valley

The Supreme Court (SC) today, has appointed the Bombay High Court’s official liquidator, for auctioning of the property of Sahara Chief, Subrata Roy’s Aamby Valley.

The auction was held, as Subrata Roy, failed to deposit the money for refunding investors. The apex court has also ordered personal presence of the chief, before it, on April 28.

Last week, the SC had warned  Sahara, that it would be compelled to auction the properties of the group, if it failed to deposit core of Rs 5,092, in the Securities and Exchange Board of India (SEBI)-Sahara refund account by April 17. It has also attached the Aamby Valley properties worth Rs 39,000 crores, in early February, in the Sahara refund case.

The Supreme Court, further, also asked the Sahara group to furnish a list of properties that were free from litigation and mortgage so that they could be put into public auction. The Sahara group, had admitted before the top court that, it had to pay Rs 14,000 crore as principal money to SEBI and ztthat it had already given Rs 11,000 crore.

The parole of Subrata Roy, was earlier extended till November 28 after the company deposited Rs 200 crores with SEBI last October, as a condition for his release. Later, a four weeks custody parole was then granted to Roy, to perform his mother’s last rites, on May 6, 2016.

Since March 4, 2014 till his mother’s death, Roy was in Tihar jail, for not complying with the apex court's orders in connection with the long dispute with SEBI. Roy failed to follow the top Court’s order in 2012, directing him to return the investors more than Rs 20,000 crore with 15% interest. His two companies, Sahara India Real Estate Corp Limited and the Sahara Housing Finance Corp Limited had raised the interest, through optionally fully convertible debentures (OFCD) in 2007 and 2008.

By Supraja

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