SAHARA GIVEN TIME TILL MAY 15 TO SELL PART OF AAMBY VALLEY

The Supreme Court on Thursday permitted the Sahara Group to sell a part of its flagship property, Aamby Valley in Maharashtra, and deposit the proceeds into the Sebi-Sahara account by May 15.

The sale will be subject to approval by the company judge of the Bombay high court and take place in the presence of the receiver and official liquidator. Through this, the apex court is looking to recover money against Sahara’s outstanding amount of ₹7,585 crore (without interest). The company, however, disputes this amount and claims to have dues of only ₹2,600 crore.

The court said that if Sahara is unable to raise money to pay its dues, it would proceed with the plan submitted by the Bombay HC liquidator to auction five land parcels it has identified, on June 2. Bids for the auction process have to be submitted by May 31. Reserve price for the auction is yet to be decided.

The plan of the official liquidator of the Bombay HC—involving five land parcels carved out of Aamby Valley, each over 1,000 acres—has been submitted to the court.

NEWDELHI: