Supreme Court Refuses to Stay The Auction of Aamby Valley, Directs Subrata Roy Sahara to be Present on Next Hearing

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New Delhi, September 11: The Supreme Court on Monday refused to stay the auction of Aamby Valley in a plea filed by Sahara Group. The group had filed the petition to permit it to enter into an agreement with Royal Partners Investment Fund for selling it 26 per cent stakes in it for $1.6 billion. The court also directed Subrata Roy Sahara to be present on next hearing.

The group further told the bench headed by Chief Justice Dipak Misra about its sale of two hotels in the New York. The court told the counsel representing the group it will have to deposit the money to the apex court if the deal with Royal Partners Investment Fund fructifies.

The court had appointed the Bombay High Court’s official liquidator to evaluate and auction the Aamby Valley property of the Sahara Group. In his report on its worth, the liquidator had said that its market value is Rs 37, 390 crores and the fair value is Rs 43,000 crore.

 The court in its order said, “However, if the applicant enters into any negotiations and Royal Partners Investment Fund deposits the amount before this Court, appropriate order shall be passed on the next date of hearing.”

Defending the Sahara in the case, senior lawyer Kapil Sibal said out of Rs 24,000 crore that Sahara had to deposit in SEBI-Sahara Refund Account, they have already deposited Rs 16,000 crore. He added, Sahara has deposited Rs 4,000 crore  in last one year.

Sibal urged the court to consider their plea for 60 days time to deposit Rs 966 crore for which Sahara had given the advance cheques.

The two Sahara companies had raised Rs 24,000 crore through optionally fully convertible debentures in 2007-2008 and the top court by its August 31, 2012, order had directed Sahara to refund this amount with 15 per cent interest.