Aamby Valley to be auctioned under supervision of judges
The Supreme Court (SC) handed over the reigns of Aamby Valley to the official liquidator— the Bombay High Court, after the market regulator Securities and Exchange Board of India (SEBI) accused Sahara of obstructing the its auctioning process.
The bench led by Chief Justice of India Dipak Misra directed the Director General of Police, Maharashtra to ensure that the property was handed over to the official liquidator within 48 hours.
The bench, which also comprised Justices Ranjan Gogoi and AK Sikri, took strong exception to Sahara’s move wherein a company representative from Aamby Valley Private Limited had approached police officials, Maharashtra’s additional chief secretary of home and the official liquidator – the Bombay High Court, informing that the company has seized to operate citing lack of funds.
Representing SEBI, advocate Pratap Venugopal, mentioned the matter before the apex court on Tuesday and submitted that the approximately Rs 37,000 crore project “had adopted subterfuge methods to avoid auction of the property.” SEBI also accused Sahara of declaring a “lockout”.