Auction process of Sahara's Aamby Valley project to continue, says SC

The Supreme Court on Wednesday ordered to continue the auction process of Sahara's Aamby Valley project.

The auction will continue on June 2.

The court has fixed July 12 as the next date of hearing in the case.

On April 19, the Apex Court asked Sahara to sell one of its portions or parcel of Amby Valley project and deposit the money accrued through it with the Sahara- Securities and Exchange Board of India (SEBI) refund account.

The three-judge bench of the apex court, headed by Chief Justice of India (CJI) Dipak Misra and also comprising Justices A M Khanwilkar and D Y Chandrachud, however, did not specify as to how much amount the Sahara Group has to deposit.

The SEBI, the market regulator, had alleged that the company's Chairman, Subrata Roy had allegedly failed to comply with the 2012 apex court order which directed him to return investors more than Rs 20,000 crores with 15 percent interest as his two companies-- Sahara India Real Estate Corporation Limited and the Sahara Housing Finance Corporation Limited-- had illegally raised through optionally fully convertible debentures (OFCD) in 2007 and 2008.

In October last year, the SEBI moved the top court, seeking contempt proceedings against the Sahara Group for allegedly obstructing the process of auctioning its Aamby Valley property in Pune's Lonavala.