Supreme Court: Sahara group moves petition to prevent auction of Aamby valley

The Sahara group today moved a petition in the Supreme Court to prevent the auction of the Aamby Valley project in Pune. As a major setback, Aamby valley, considered to be the most prized possession of the Sahara Group was put for public auction by the Apex court. As per evaluation, Sahara’s Aamby valley is worth Rs.39, 000 crores which is more than the dues. In order to speed up the repayment process, the Apex Court had attached the property. The Sahara group owes Rs.14, 000 crores principle amount to SEBI. The official liquidator of the Bombay High Court was directed for the purpose of evaluating the property and proceeding with the auction. “Verify, make an evaluation and proceed with sale,” the Supreme Court directed the official liquidator of the Bombay High Court. On July 25th, they had prayed for giving them eighteen months for the payment of Rs.9, 000 they were asked to deposit Rs.1, 500 crore by September 7. The Apex Court shall hear the petition soon.

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