According to the liquidators evaluation, Aamby Valley — movable and immovable assets — is valued at Rs 43,461 crore at a ready reckoner rate, and its fair market price is valued at Rs 37,392 crore
Sahara chief Subrata Roy approached the Supreme Court on Wednesday seeking a stay on the auction process of its prized holding — the Aamby Valley.
Representing Sahara, Senior Advocates Kapil Sibal and Mukul Rohatgi mentioned the matter before the bench led by Justice Dipak Misra and also sought a review of its repayment plan.
Sahara submitted that an Abu Dhabi-based company was considering an investment to the tune of $1.6 billion in return for 26 per cent equity. "A portion of this money (around Rs 5,000 crores) could then be used to deposit money in the SEBI-Sahara refund account," Rohatgi said speaking to DNA.
Justice Misra considered Sahara's plea and fixed the matter for Thursday when it will be heard by the special bench also comprising Justices Ranjan Gogoi and AK Sikri, who are hearing this case.
At the previous hearing, when Sahara failed to deposit the requisite amount in the refund account, the apex court ordered the official liquidator — the Bombay High Court — to go ahead and initiate the auction of Aamby Valley.
The township spread over more than 8,000 acre located 200 kilometres from Mumbai and valued at more than Rs 34,000 crores is Sahara's crown jewel in its portfolio. The sale of this property would strike a blow and "finish business" Sahara had submitted in response.
After Sahara failed to pay the requisite Rs 5,000 crore, on April 17, the court had also decided to auction Aamby Valley. Roy's pleas to prevent the auctioning of this jewel fell on deaf ears as a three-judge bench had fixed the fair market price and instructed the Bombay HC 'to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities'.
According to the liquidators evaluation, Aamby Valley — movable and immovable assets — is valued at Rs 43,461 crore at a ready reckoner rate, and its fair market price is valued at Rs 37,392 crore.
Sahara, which allegedly duped its investors of Rs 24,000 crore, has been finding ways to raise money to pay the principal amount. So far, Sahara has managed to repay around Rs 16,000 crore.
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