Sahara submits cheques worth Rs 2,050 crores in Supreme Court to halt auction of Aamby Valley

Ravi Kaushal
The property that has to go under the hammer includes a city township with an area of 6,761.64 acres in Sahyadri mountain range. It also includes around 1,409.865 acres of land and another piece of land in Satara district.

New Delhi, April 27: The deadlock over the selling of Sahara-owned Aamby Valley in Pune, Maharashtra came to halt when the Sahara India Chief Subrata Roy Sahara appeared in front of the Supreme Court bench and submitted two cheques of Rs. 1500 crores and Rs. 500 crores. Sahara promised to pay the rest of 3450 crores by October 30 later this year.

In an earlier development, Supreme Court had ordered to auction Sahara Group’s Rs 34,000 crore worth of properties of the Aamby Valley over the business conglomerate’s alleged failure to deposit money for refunding to its investors.

The apex court had ordered to sell Sahara Group’s Amby Valley at Lonavala and appointed Bombay High Court official liquidator for selling the property. Aamby Valley City is a township developed by the Sahara India Pariwar at Lonavala in Pune district of Maharashtra.

“Enough is enough. You cannot say something today and resile tomorrow,” a bench, comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri, said, taking strong note of non- submission of over Rs 5,000 crore by the Sahara group. The bench also cautioned Roy from playing with the court’s order and said non-compliance of its order would invite the wrath of the law and ultimately he will be at his own peril.

 The bench asked the official liquidator, attached with the Bombay High Court, to auction the Aamby Valley properties, estimated to be worth Rs 34,000 crore, and directly report to it.