Auction process of Sahara's Aamby Valley property to continue: Supreme Court

May 16:The auction process for the Sahara group's prime Aamby Valley properties would continue as it has failed to deposit Rs 750 crore in the SEBI-Sahara refund account, the Supreme Court held on Wednesday. A bench of Chief Justice Dipak Misra and Justices Ranjan Gogoi and A K Sikri was informed by the counsel representing the official liquidator that the group has not deposited Rs 750 crore in the refund account.
Senior advocate Vikas Singh, representing Sahara chief Subrata Roy and the group, also told the court that they have failed to sell a parcel of the Aamby Valley for depositing the money by May 15. "As far as the auction of the property is concerned, the same shall continue as the contemner has failed to deposit Rs 750 crore as suggested by him earlier," the bench said and posted the matter for further hearing on July 12. The top court had on April 19 allowed the Sahara Group to choose any parcel of its properties in the Aamby Valley city project in Maharashtra, sell them by May 15 and deposit the proceeds with the SEBI-Sahara refund account.
The bench had initially asked the group to deposit Rs 750 crore by May 15 by selling the properties from one parcel of the Aamby Valley. However later, it had said it would not specify the amount in its order. It had said if the Sahara Group failed to sell its property by May 15, the Bombay High Court's official liquidator will proceed with the proposed auctioning process to sell them. The court had specifically told the Sahara Group that they had time till today to sell the properties by themselves or these would be auctioned.
The official liquidator, in its report, had said it had commenced the procedure for auctioning the Aamby Valley property for which bids will be invited from May 21 to 31 and the auction will begin from June 2. On November 23 last year, the apex court had granted liberty to two Bombay High Court judges to adopt procedures to facilitate the auctioning of the properties and directed the liquidator not to allow any obstruction in the process. Roy, who has spent almost two years in jail, has been on parole since May 6 last year. The parole was first granted to enable him attend the funeral of his mother. It has been extended since then.
Besides Roy, two other directors - Ravi Shankar Dubey and Ashok Roy Choudhary - were arrested for failure of the group's two companies - Sahara India Real Estate Corporation (SIRECL) and Sahara Housing Investment Corp Ltd (SHICL) - to comply with the court's August 31, 2012 order to return Rs 24,000 crore to their investors. Agencies
Source: Agencies


  
  

Comments


No comments yet! Be the first one to leave a comment.


Add Comment

Name:
Email:
Comment:

More India News


Break silos, make government seamless for people: President Kovind to ..


PM Narendra Modi wishes former Tamil Nadu CM Karunanidhi speedy recove ..

- Ahmedabad 2008 serial blasts accused gets bail
- Aircel-Maxis case: Delhi court grants anticipatory bail to P Chidambaram
- Three killed, many feared trapped as two buildings collapse in Greater Noida
- Govt hikes sugarcane price by Rs 20 per quintal to Rs 275
- Dairy farmers disrupt milk supply in Maharashtra, demand direct subsidy
- Arun Jaitley: India needs a decisive leader like Modi, not a tragedy king like K
- Congress-JD(S) 'differences' would be resolved: Deputy CM G Parameshwara
- India slaps higher import duties on steel, agri products in retaliation to US ta
- Shiv Sena says '2014 political accident' will not happen in 2019
- Sunanda Pushkar case: Delhi court summons Shashi Tharoor on July 7
- No bids for Air India so far, govt will not extend May 31 deadline
- Nipah virus claims one more life in Kerala, death toll rises to 12
- India successfully test-fires BrahMos supersonic cruise
- Ajit Doval hasn't changed policy, just more hardline, says ISI ex-chief General
- Fuel prices hit the roof in India
- Three coaches of Andhra Pradesh Express catch fire in Gwalior
- Once again, Supreme Court Collegium stalls on Justice KM Joseph's name
- Once again, Supreme Court Collegium stalls on Justice KM Joseph's name
- Food processing industry in state facing several challenges, says Punjab Agricul
- PM Modi rode to power on promise of reducing fuel prices, why is he unable to cu

Related News

Sahara case: Supreme Court refuses to stay Aamby Valley auction
Aug 10:The Supreme Court on Thursday declined to stay the auction of Aamby Valley, a day after Subrata Roy moved the apex court. T .. read more
SC raps Subrata Roy over failure to deposit money, orders auction of Sahara's Aamby Valley
April 17:Compelled to take strict action following the Sahara group chief Subrata Roy's failure to refund around Rs 5,000 crore to .. read more
Aamby Valley auctioning: SC irked over Sahara's letter to cops
Oct 12:The Supreme Court on Thursday took strong exception to the Sahara group writing a letter to the Pune police raising the iss .. read more
West Bengal Panchayat polls: Calcutta High Court extends filing of nomination
April 20:Setting aside its earlier order, the Calcutta High Court on Friday directed the State Election Commission to issue fresh .. read more
Supreme Court likely to pronounce order against BCCI in Lodha panel non-compliance on Friday
Oct 6:?Supreme Court on Thursday asked BCCI to implement directions of Lodha committee for reforming the cricket body or the Court .. read more

More Related News

- Jaypee Tells Court It Wants To Sell Yamuna Expressway For 2,500 Crores
- SC issues notice to TS Govt. in Mohammed Pahelwan Case
- Anurag Thakur expected to name Shashank Manohar in reply to Supreme Court
- Supreme Court directs BCCI to allow Bihar to play Ranji Trophy
- SC push for electoral reforms: Candidates now have to declare source of income as well
- Hyderabad police violating SC guidelines to permit MIM meetings: MBT
- SMEs seek more time to settle dues
- 6th Edition of TREDA Property Show launched
- Once again, Supreme Court Collegium stalls on Justice KM Joseph's name
- Once again, Supreme Court Collegium stalls on Justice KM Joseph's name

More Latest News:

- Musi clean-up gains pace
- TS issues guidelines for implementing Economic Support Schemes
- Telangana will protect sericulture farmers, says Etela Rajender
- Global meet on blockchain in Hyderabad
- 200 check dams coming up in Telangana
- Fighting rain, flood for Medigadda dream
- Break silos, make government seamless for people: President Kovind to newly recruited IAS officers
- PM Narendra Modi wishes former Tamil Nadu CM Karunanidhi speedy recovery
- Ahmedabad 2008 serial blasts accused gets bail
- Congress leader Jairam writes to NMML director over confusion for museum approval
- PNB scam: Fugitive jeweller Mehul Choksi says he took Antigua citizenship last year to expand business
- Eye test can now detect early signs of dementia, says study
- India vs Essex Practice Match: India's frontmen dazzle, sidekicks falter
- Hopeful to be part of England squad in World Cup 2022, says Phil Foden
- Twenty young boys and girls to represent India at Junior NBA World Championship
- Mission: Impossible Fallout box office prediction: The Tom Cruise film will earn Rs 10 crore on Day 1
- Saheb Biwi Aur Gangster 3 movie review: The weakest link is Sanjay Dutt's gangster
- Saudi Arabia joins global pledge to protect disabled rights
- Iran's Revolutionary Guards' chief warns Trump: 'If you begin the war, we will end it'
- Houthis accused of threatening world's electricity supplies
- Youth, woman held for murder
- Rahul Gandhi congratulates ragpicker's son for cracking AIIMS entrance test
- Cows are safer than women in the country, says Shiv Sena chief Uddhav Thackeray
- Bihar clears new liquor bill, CM Nitish says prohibition for betterment of poor
- 'Do not stop writing': Kerala CM Pinarayi Vijayan backs writer Hareesh over novel controversy
This page was created in 0.0345959663391 seconds