Supreme Court directs auction of Sahara’s Aamby Valley property



By Accommodation Times Bureau

NEW DELHI: As it threatened to do before, the Supreme Court today ordered the auction of Sahara’s Aamby Valley property after it failed to deposit Rs 300 crore to refund its investors.It also rapped disgraced Sahara chief Subrata Roy and said he “would do well” to keep his promises and not go back on anything he agrees to in court. It was referring to Roy’s undertakings to court earlier regarding repayment of Rs 25000 crore to investors through SEBI.

“Indulgence shown by the court have been misused,” said the apex court bench, referring to several parole leaves granted Roy to attend rituals after his mother passed away.

“Resile from earlier undertakings, only at your peril,” a bench of Justices Dipak Misra, Ranjan Gogoi and AK Sikri warned. The term ‘resile’ means ‘to abandon a position or a course of action’.

In March, the Supreme Court had said that it would auction off Sahara’s prime Aamby Valley property in Pune, if the company failed to deposit Rs 5,000 crore of the Rs 14,000 crore outstanding by April 17. Sahara values the property at Rs 34,000 crore.

The top court said that it would be left with no option but to sell the property if the group failed to deposit the amount. The bench had in February already directed the attachment of the property.
The SC had in August 2012 ordered Sahara to repay over Rs 25,000 crore to investors by depositing the amount with market regulator SEBI after it found that two group companies – Sahara Real Estate and Sahara Housing – had illegally collected the sum from three crore investors. Sahara has so far deposited over Rs 11,000 crore, of which Rs 6,000 crore was paid after the apex court sent Roy and two directors to jail on March 4, 2014.

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