The official liquidator has been given the green signal to proceed with the first two steps towards the auction
The Supreme Court directed the Bombay High Court to initiate the first step towards auctioning Sahara's Aamby Valley. The official liquidator has been given the green signal to proceed with the first two steps towards the auction.
The over 8,000-acre township, located 200 km from Mumbai and valued at more than Rs 34,000 crore, is Sahara's crown jewel in its portfolio. The sale of this property would strike a blow and "finish my business", Sahara submitted in response.
Senior Advocate Kapil Sibal, representing Sahara, submitted that Rs 247 crore out of the required Rs 552.21 crore has been deposited. Sibal requested for time and said the the balance amount of Rs 305.21 crore would be paid by August 12.
However, the bench comprising Justices Dipak Misra, Ranjan Gogoi and AK Sikri also ordered Sahara's Subrato Roy to pay Rs 1,500 crore — including the Rs 305.21 crore — in the Sahara-SEBI refund account by September 7.
But Sibal vehemently objected to the short time-period accorded to him to refund the said amount. He submitted that he would be unable to honour the order and needed at least 18 months, and asked for permission to develop other properties to collect the required amount.
The court, however, denied his request and proceeded to direct that auction proceedings be initiated.
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 crown jewel fell on deaf ears as a three-judge bench had fixed the fair market price and instructed the Bombay High Court — the official liquidator — 'to proceed with the formalities of auction by preparing the draft terms and conditions and other formalities' of the property.
According to the liquidators' evaluation, Aamby Valley — movable and immovable assets included — 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.
UNDER HAMMER
- The SC has directed the Bombay High Court to initiate the first step towards auctioning Sahara’s Aamby Valley.
- The official liquidator has been given the green signal to proceed with the first two steps towards the auction.
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