Published On : Mon, Apr 17th, 2017

Supreme Court orders auction of Sahara’s Aamby Valley

subrata roy
New Delhi:
The Supreme Court has ordered the auction of Sahara’s Aamby Valley over the business conglomerate’s alleged failure to deposit money for refunding to its investors. The SC bench has directed Sahara Group’s Subrata Roy be personally present in the next date of hearing on April 28th in the case.

The top court has told appointed Bombay High Court official liquidator for selling the prime property in Lonavala.

Last week, the Supreme Court had said if the Sahara Group fails to deposit Rs. 5,092.6 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.

“No extension of time shall be granted. Sahara Group must deposit the money on time otherwise Aamby Valley will be auctioned,” the court had told Roy’s counsel.

The court has also ordered personal presence of Sahara chief Subrata Roy before it on April 28.