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SC orders attaching of Sahara's Aamby Valley project

By Vicky

The Supreme Court on Monday ordered attaching Sahara's luxurious Aamby Valley township at Lonavala near Pune. The Supreme Court while ordering the attachment of the Rs 39,000 crore township also ordered that Sahara bring the list of unencumbered properties for auction.

SC orders attaching of Sahara's Aamby Valley project

The decision was made by the Supreme Court in a bid to facilitate the recovery of Rs 14,000 crore Sahara Group owes to its investors. During the hearing Sahara admitted that it had to pay Rs 14,000 as principal money to SEBI. The company also said that it had already paid Rs 11,000 crore. Senior counsel Kapil Sibal appearing for however requested the court to give him some breathing time.

The property is worth Rs 39,000 crore and the outstanding principal was Rs 14,000 crore.

The Bench asked when you have Aamby Valley, why do you give us a list of other properties. Sibal however requested the Bench not to order the auction of the Aamby Valley property. The Bench however sought details of the properties free from encumbrances and also details about Aamby Valley.

The court said that it was necessary to force Sahara and Subrata Roy to expedite payment of the balance Rs 14,779 crore. When Sahara sought time till July 2019, the court said it is too long and hence wanted to auction the properties to realise the dues.. While posting the matter to February 20 the Bench directed Sahara to deposit the amount.

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