Supreme court decides to auction sahara's Aamby vally

Share

A three-judge Bench of Chief Justice Dipak Misra and Justices Ranajn Gogoi and A.K. Sikri passed this order after Sebi informed the court that Sahara had informed the Pune Police that it had declared a lock of all activities in Aamby valley project following the decision to auction the property and thereby preventing the auction.

Supreme Court also added that, the OL shall also take "guidance" from HC judge justice AS Oka and both the judges shall "work in harmony" so that the auctioning process goes on smoothly.

The Supreme Court on Thursday took serious view of the Sahara group sending a communication to the police, raising law and order issue in the on-going auction process of Aamby Valley properties at Pune.

Sebi had moved the apex court on 10 October in a contempt plea against the Sahara Group, alleging obstruction in the auction process of Aamby Valley.

However, several real estate consultants had argued that it would be nearly impossible for any single real estate player in India to buy such a huge property, a hill resort town in Maharashtra where a number of high profile celebrities are said to have invested.

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". "But because of the Sahara letter and the police takeover, they backed out", Datar told the court.Mukul Rohatgi, appearing for Sahara, said the regulator's claims were incorrect and pleaded the court to provide an opportunity to explain his position. "We don't intend to hear you today". He said, "no bidder has come..." Police has taken custody of the property. Group chief Subrata Roy, who spent around two years in jail for failing to submit the dues, is now out on parole.In a letter addressed to the Superintendent of Police Pune (Rural) with copies marked to Additional chief secretary, the group had claimed that the Supreme Court order had brought its business to a standstill as no real estate transaction was happening and that it was forced to issue a lockout notice. Sahara lawyer Kapil Sibal, who had initially resisted any court order to auction off Amby Valley to recover pending dues from the company, had at the last hearing pointed out that there were only two prospective bidders for the project.

Share