SC directs Judge Oka to assist in Sahara auction

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.