Aamby Valley to be auctioned under supervision of judges

The top court was hearing SEBI's plea seeking contempt action against the Sahara group for allegedly obstructing the auctioning process of Aamby Valley. Image courtesy Facebook

Aamby Valley to be auctioned under supervision of judges

The Supreme Court will today hear the Sahara-SEBI case.

The Supreme Court on Thursday directed the DGP of Maharashtra to hand over possession of the Aamby valley project in 48 hours to the Official Liquidator of the Bombay High Court, if the Pune police had taken possession of it, to facilitate the auction of the properties. The court warned that anyone putting impediment in the auction process would be hauled up for contempt of court and sent to jail.

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Sahara, which pegs the project's market valuation at over Rs1,00,000 crore, had earlier said the liquidator has initiated only first two steps of the auction by issuing advertisement for interested bidders and verifying their KYC (Know Your Clients). Group chief Subrata Roy, who spent around two years in jail for failing to submit the dues, is now out on parole.In a letter addressed to the Superintendent of Police Pune (Rural) with copies marked to Additional chief secretary, the group had claimed that the Supreme Court order had brought its business to a standstill as no real estate transaction was happening and that it was forced to issue a lockout notice.

The court said that the liquidator would act under the guidance of the Company Law Board judge and Justice Abhay Oak of the Bombay High Court. If any other circumstances, the official liquidator shall also take guidance from Justice A S Oka, who is a now sitting Judge of the Bombay High Court. Questioning why the letter to the police was written, judge Misra said, "Our order is violated. We want to have auction", it said, after senior counsel Arvind Datar, appearing for marker regulator Sebi, told the court that because of September 28 communication by Sahara, the auction has stopped.

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The top court directed the auction of Aamby valley to recover money that Sahara's group has to pay the marker regulator Securities and Exchange Board of India (SEBI) for returning investors money that its two companies SIRECL and SHICL had raised from investors in 2007 and 2008. "Sahara has been creating obstruction one way or the other in the sale of their properties, including by way of collusive applications and lockouts to scare away auction bidders", the plea said.

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