Sahara is stalling Aamby Valley auction: Sebi in SC

Market regulator Securities and Exchange Board of India (Sebi) filed a contempt petition in the Supreme Court on Tuesday against Sahara Group chairman Subrata Roy and senior executives for allegedly obstructing the auction of the business conglomerate’s Aamby Valley project near Pune.

The petition alleges the Aamby Valley “had adopted subterfuge methods to avoid auction of the property”. Also, it accuses the company of declaring “a lockout” of the commercial premises six days ahead of the auction.

The Sahara Group’s Aamby Valley city was put up for auction on August 14 in keeping with the top court’s order for its sale to recover money owed to investors.

The reserve price was fixed at Physical inspection of properties by prospective bidders

Bids to be received in sealed cover by Official Liquidator, along with 15% earnest money

NEWDELHI:

~37,392 crore for the property straddling the Sahyadri mountain range close to Lonavala, a popular hill station near Pune.

“We mentioned the matter before a bench headed by Justice Ranjan Gogoi seeking an early hearing. Auction proceedings of Aamby Valley were to take place on October 3.But that didn’t happen as the premises were taken over by police after the company declared a lockdown,” said Pratap Venugopal, the Sebi lawyer .