SC di­rects Judge Oka to as­sist in Sa­hara auc­tion

The Free Press Journal - - FRONT PAGE - CONGENCIS

The Supreme Court on Thurs­day asked of­fi­cial liq­uida­tor of Bom­bay High Court to take pos­ses­sion of the Sa­hara Group's Aamby Val­ley prop­erty and asked the Ma­ha­rash­tra govern­ment to en­sure that the project is handed over to the liq­uida­tor within 48 hours.

A bench headed by Chief Jus­tice Di­pak Misra was hear­ing a con­tempt plea by the SEBI against the Sa­hara Group for al­legedly ob­struct­ing auc­tion of the com­pany's flag­ship prop­erty. The court said that while con­duct­ing the auc­tion, the of­fi­cial liq­uida­tor shall re­ceive guid­ance from Jus­tice A.S. Oka of Bom­bay High Court and a lo­cal com­pany law judge.

SEBI claimed that the po­lice has taken over the prop­erty pur­suant to a let­ter writ­ten by Aamby Val­ley man­age­ment to Su­per­in­ten­dent of Po­lice in Pune, and it was a ma­jor fac­tor why the in­ter­ested buy­ers of Aamby Val­ley backed out from par­tic­i­pat­ing in the auc­tion.

Se­nior lawyer Mukul Ro­hatgi, ap­pear­ing for the Sa­hara Group said that the auc­tion did not take place be­cause there were no bid­ders for Aamby Val­ley and the prop­erty has not been handed over to the po­lice.

Ro­hatgi said com­mu­ni­ca­tion to lo­cal po­lice was a re­quest to de­ploy po­lice per­son­nel in the prop­erty in the wake of com­pany's in­creas­ing in­abil­ity to af­ford pri­vate se­cu­rity for the res­i­dents, to which the po­lice obliged.

The court said it will re­frain from pass­ing any or­ders against Sa­hara Group for now as it is yet to hear Ro­hatgi in de­tail.

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