SC ASKS SAHARA TO DEPOSIT `5,100 CRORE BY APRIL 17
The Supreme Court on Tuesday directed Sahara to deposit `5,100cr on or before April 17, as the sale proceeds of the properties of its flagship project, ‘Ambi Valley property’ near Pune which have been attached by the court.
A three-judge bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri rejected senior counsel for Sahara, Kapil Sibal’s plea seeking six months’ time to sell the properties and deposit the amount.
The Bench passed this order on the basis of a list of properties furnished by Sahara in Ambi Valley project and other similar real estate projects which are free from encumbrance. The bench allowed Sahara to auction the properties on condition that they must not be sold for less than 90% of the circle rates.
The Supreme Court on Tuesday directed Sahara to deposit about `5,100 cr on or before April 17, the sale proceeds of the properties of its flagship project, Aamby valley property’ near Pune in Maharashtra which have been attached by the court.
A three-judge Bench of Justices Dipak Misra, Ranjan Gogoi and A.K. Sikri rejected senior counsel for Sahara, Kapil Sibal’s plea seeking six months time to sell the properties and to deposit the sale proceeds. The bench extended the parole of Subrata Roy till April 17.
The Bench passed this order on the basis of a list of properties furnished by Sahara in Aamby valley project and other similar real estate projects which are free from encumbrance.
The Bench allowed Sahara to public auction these properties on condition that they must not be sold less than 90 per cent of the guideline value/circle rates.
Meanwhile, accepting the submissions of counsel Sriram Parakkat for a US-based company M.G. Capital Holdings expressing its desire to purchase Sahara’s stakes in the New York Plaza hotel for $550 millions, the bench directed the company to deposit `750 crores with the apex court Registry on or before April 10 to show its bonafides.
Senior counsel Arvind P. Datar appearing for Sebi supported Mr Sriram and said Sebi was received several enquiries about the New York Plaza hotel property worth `4,000 crores and if the sale is realized it would be sufficient for Sahara to deposit the amount.
The Bench asked Sahara to give due diligence certificate and other details to M.G. holdings which was also directed to furnish information about its credentials.