Contempt petition against Sahara for obstructing Aamby Valley auction process

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Securities and Exchange Board of India (SEBI) on Tuesday moved a contempt petition in Supreme Court against Sahara Group for alleged obstruction in the auction of Amby Valley project.

Contempt petition against Sahara for obstructing Aamby Valley auction process

SEBI told Supreme Court that Sahara Group had not paid money to all the investors. However, Sahara claimed they had almost paid more than 75% money.

Sahara Group's massive luxury resort town Aamby Valley, had been put up for auction by the Supreme Court at a reserve price of Rs 37,392 crore. But only a couple of parties who have shown interest in the bid.

Only two potential bidders believed to have shown initial interest for the Aamby Valley resort town.

Entire exercise is being carried out under strict observation of the apex court and the observers appointed by it, officials privy to the information said just two interested parties have turned up and have submitted their KYC details as required for the initial steps of the auction process.

(With agency inputs)

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