Aamby Val­ley to be auc­tioned un­der su­per­vi­sion of judges

DNA (Delhi) - - INDI - DNA Cor­re­spon­dent cor­re­spon­dent@dnain­dia.net

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”.

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