Wednesday, August 4, 2021
HomeNationSC orders attachment of Sahara's Aamby Valley property worth Rs. 39,000 cr

SC orders attachment of Sahara’s Aamby Valley property worth Rs. 39,000 cr

The Supreme Court ordered on Monday that the prime real-estate project of the Sahara group, Aamby Valley, will be attached to ensure the recovery of Rs. 14,000 crore the company owes to duped investors.

The bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri also directed Sahara to submit a list of its properties which are free from any charges by February 20. It directed the next hearing of the matter on February 27.

The SEBI lawyer submitted that the interest towards the debt currently stands over Rs. 36,000 crore.

At one point, Justice Gogoi asked why the court should even bother to ask Sahara for a list of other auctionable properties when the group already has Aamby Valley, which has a declared worth of Rs. 39,000 crore.

Tightening the screws on the group, the court recorded that Aamby Valley was itself “substantial” enough for the recovery of the amount.

These properties would be put to public auction to realise the balance money.
Sahara has so far paid a little over Rs. 11,000 crore and had sought time till July 2019 to deposit the balance of Rs. 14,779 crore with the SEBI.

Sahara in the meanwhile deposited Rs. 600 crore as directed by the Centre by its November 28, 2016, order for continued parole of Subrata Roy and others.

In March 2014, Roy was sent to jail after he failed to appear in response to a summon. He was given parole last year in May after his mother passed away. Since then the company has been depositing money with SEBI to ensure he remained out of jail.

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