The Supreme Court on Thursday gave its green signal to a fresh auction of Sahara Group's Aamby Valley property in Pune and directed official receiver of the Bombay High Court to help facilitate the process.
The Supreme Court on Thursday gave its green signal to a fresh auction of Sahara Group's Aamby Valley property in Pune and directed official receiver of the Bombay High Court to help facilitate the process.
A bench comprising Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri also asked the official liquidator of the Bombay High Court to take the help of the Receiver and ensure that the Sahara Group's Rs 34,000- crore worth Aamby Valley properties are auctioned.
The auction process will start from December 1 and is likely to take eight weeks.
"We want the property to be auctioned. Till then, we will appoint the receiver of the Bombay High Court to help in auctioning, till it is complete," the bench said.
It also directed the official liquidator, who has been entrusted with the task of conducting the auction, to take instructions from the company judge or the Bombay High Court.
Earlier, the Supreme Court was told that “unprecedented obstructions” were being created by the Sahara group to stall the auctioning.
The apex court had on October 12 taken strong exception to the alleged obstruction by the Sahara Group in the Aamby Valley auctioning process and had warned that anybody creating any impediment would be liable for contempt and "sent to jail".
The top court was irked when SEBI had claimed that the group had allegedly obstructed the aunctioning process by writing a letter to the Pune police raising the issue of law and order at the prime property.
The Sahara Group had earlier sought 18 months to repay around Rs 9,000 crore balance of the principal amount of Rs 24,000 crore.
On August 10, the apex court had rejected Sahara chief Subrata Roy's plea to put on hold the auction process.
The apex court had on July 25 asked the embattled Sahara chief to deposit Rs 1,500 crore in the SEBI-Sahara account by September 7 and said that it might then deliberate upon his plea seeking 18 months more time for making complete repayment.
Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was granted the first time to enable him attend his mother's funeral. It has been extended since then.
Besides Roy, two other directors -- Ravi Shankar Dubey and Ashok Roy Choudhary -- were arrested for failure of the group's two companies -- Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) -- to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors.
(With PTI inputs)
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