Major setback to Sahara group-SC orders sale of Aamby Valley

The Supreme Courts today ordered the sale of the luxurious project spread over 8,900acre of the Sahara group i.e. the Aamby Valley project located at Lonavla, Maharashtra. It has directed the Sahara Chief Subrata Roy for his appearance before the Court on April 28. Roy was out on parole to observe the last rituals of his ailing mother. Roy was warned by the Apex Court that if he misused the leniency of the Court or fails to perform the undertaking given by him then only “peril awaited him”. The bench also said, “We can give enough indulgence. If you can’t pay, go to jail.” Earlier today, Supreme Court took a stern note on consistent non-payment by Roy and said,  “If money does not come into the accounts, then your Aamby Valley project will be sold.” The order for auction of project was passed due to non-payment of the first installment of Rs.300 crores out of the total Rs.5, 000 crores which would have been paid to the investors. The Apex Court rejected a fresh plea filed by the Sahara group seeking more time to deposit the amount with SEBI. The court directed the SEBI to provide all the official documents within 48 hours to the official liquidator of the Bombay High Court for the purpose of evaluating the property and proceeding with the auction. “Verify, make an evaluation and proceed with sale,” the Supreme Court directed the official liquidator of the Bombay High Court.

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