On Wednesday, the Supreme Court has ordered to get going with the auction process of Sahara's Aamby Valley project. As per the reports from the news agency, the auction will continue on June 2.
July 12 has been fixed as the next date of hearing in the Sahara Aamby Valley project. Earlier on April 19, Apex court had asked Sahara to sell one of its portions or parcel of Amby Valley project. Leading to which they can deposit that money accrued through it with the Sahara- Securities and Exchange Board of India (SEBI) refund account.
The apex court, consisting the three-judge bench headed by Chief Justice of India (CJI) Dipak Misra including Justices A M Khanwilkar and D Y Chandrachud, did not specify the total amount the Sahara Group has to deposit, reports ANI.
The market regulator, SEBI, has alleged that the Sahara company chairmen, Subrata Roy had allegedly failed to comply with the 2012 apex court order. The order issued directed Subrata Roy to return investors more than Rs 20,000 crores with 15 percent interest. This is because of Subrata's two company, Sahara India Real Estate Corporation Limited and the Sahara Housing Finance Corporation Limited had illegally raised through optionally fully convertible debentures (OFCD) in the year 2007 and 2008.
Last year, in October, SEBI had gone to top court seeking contempt proceedings against the Sahara Group as they had allegedly obstructed the process of auctioning its Aamby Valley property in Pune's Lonavala.