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Sebi misled SC on Aamby Valley auction process, hid facts: Sahara lawyer

Sahara's lawyer said that Sahara has not handed over custody of Aamby Valley to police

IANS  |  New Delhi 

Subrata Roy Sahara
Photo: Dalip Kumar

on Saturday said that the Securities and Exchange Board of India (SEBI) has misled the as it has blamed for obstructing the auction process of

has filed a petition in the apex court alleging that was obstructing the auction process and strongly prayed for initiation of contempt proceedings against the directors of Aamby Valley, including against its chief

On the issue of obstructing the auction process, Sahara's lawyer Gautam Awasthi said that has not handed over custody of to police. "had, in fact, asked for police protection and that too on payment," the lawyer said.

"very wrongfully presented to (the) Supreme Court, while hiding the fact that presence of police was meant only to provide police protection and not handing over possession of the property to police," the statement said.

The lawyer added that in some publications, it was also absolutely wrongfully written that the court warned whereas there was no such warning.

The top court directed the auction of to recover money that the group has to pay to the market regulator for returning investors money that its two SIRECL and SHICL had raised from investors in 2007 and 2008.

The top court by its August 31, 2012 order had asked group's two - India Real Estate Corp Ltd. (SIRECL) and Housing Investment Corporation Ltd (SHICL) - to return to investors Rs 17,400 crore, along with 15 per cent interest.

The group has already given a part of the money to that was being parked in the SEBI-Refund Account.

First Published: Sat, October 14 2017. 20:35 IST