SC asks Bombay HC Receiver to auction Aamby Valley

Satya Prakash

Tribune News Service

New Delhi, November 23

Rejecting objections from Sahara, the Supreme Court today appointed the Bombay High Court’s Official Receiver as a Receiver of Sahara Group’s flagship property Aamby Valley near Pune that has been ordered to be auctioned.

A three-judge Bench headed by CJI Dipak Misra said the arrangement shall remain in force till the auction process was over. It directed the Official Receiver to ensure that the property was properly maintained and no encroachment took place so that valuation did not reduce and auction took place in a peaceful manner.

The Bench passed the order after it was informed that attempts were being made to encroach upon the area. Some residents too complained that essential services, including water supply, were disrupted to scuttle the auction process, senior counsel Arvind Datar said.

However, on behalf of Sahara, senior counsel Mukul Rohatgi denied the allegation. “It’s wrong to say we have declared a lockout. We have school there...our people are still working there. Over 2,000 people are working there,” Rohatgi said.

“You (Sahara) are out. The property was ordered to be attached and auctioned”, CJI Misra said warning that Sahara chief Subrato Roy could be sent to jail again if attempts were made to interfere with the auction process.

Angry over non-payment of money, the top court had on April 17 decided to sell Aamby Valley worth more Rs 34,000 crore belonging to the Sahara group to recover money owed by the company to investors. 

Reserve price fixed at Rs 37,392 crore 

• The top court had on April 17 decided to sell Aamby Valley worth more Rs 34,000 crore belonging to the Sahara group to recover money owed by the company to investors
• The reserve price was fixed at Rs 37,392 crore for Aamby Valley near Lonavala in Pune district of Maharashtra
• The sale by actual auction was to be held on October 10 and 11