SC Refuses To Stay Auction Of Sahara’s Aamby Valley Assets

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New Delhi: The Supreme Court on Thursday declined Sahara chief Subrata Roy’s petition to stay the global auction of Aamby Valley property belonging to the group.  Justice Dipak Mishra said the court will stay the auctioning of Aamby Valley only when the Sahara group deposits Rs 1,500 crore with the Securities and Exchange Board of India (Sebi).

“The prayer of the contemnor (Roy) is hereby rejected,” the bench pronounced. Roy had moved the top court on Wednesday, seeking to put a hold on the auction process to sell the group’s Rs 34,000-crore worth Aamby Valley property by the official liquidator of the Bombay High Court.

Senior advocates Kapil Sibal and Mukul Rohatgi, appearing for Sahara group, requested the court to put the auction on hold as the company is in the midst of negotiations with a foreign company to sell 26 per cent stake in Aamby Valley. But the apex court dismissed the plea and gave the green signal to the liquidator, appointed by it, to initiate auctioning of Aamby Valley assets.

The court had simultaneously approved the draft sale notice and terms to dispose of the property prepared by the official liquidator of the Bombay High Court.

Instead of the monthly exercise of fixing the installment to be paid by Sahara, the court had decided to go the whole hog to fetch Rs 9,000 crore that is still to be paid by the corporate house to market regulator Sebi. In 2012, Sahara valued the property at Rs 34,000 crore but the liquidator has pegged its worth at Rs 43,000 crore.

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