No takers for Sahara's Aamby Valley properties

Subrata Roy

The Supreme Court on Thursday put off the auction process of Sahara group's Aamby Valley properties in Maharashtra after being told that no prospective buyer came forward for it.

A bench of Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri was informed by the official liquidator of the Bombay High Court that no bid was received for Aamby Valley despite advertisements.

The court had earlier appointed a court receiver to take over Sahara Group's property at Aamby Valley, and proceed with the auctioning process of these properties to realise the money of the investors.

The court, however, directed two firms — Sai Rydam Realtors Private limited and Prime Down Town Real Estate Private limited — to deposit Rs 1,000 crore with the SEBI-Sahara account after the Sahara group submitted that the firms were willing to purchase their property at Vasai in Mumbai.

Senior advocate Vikas Singh, appearing for Sahara Group, said the sale of the Vasai property would fetch Rs 1,000 crore which would be deposited in the SEBI-Sahara account.

The bench then asked the two firms to deposit a demand draft of Rs 99 crore on Thursday itself and gave a timeline for depositing the remaining amount.

The bench asked the two firms to deposit Rs 200 crore by August 15 and Rs 682.8 crore by September 12, while cautioning them that any default would amount to contempt and the deposited amount would be forfeited.

The court also directed the Sahara group to file an affidavit with regard to its hotel at New York, which was mortgaged with the Bank of China.

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No takers for Sahara's Aamby Valley properties


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