Sahara's Aamby Valley property auction process to continue: SC

The Supreme Court today held that the process to auction Sahara group's prime Aamby Valley property in Maharashtra would continue, as the group has failed to deposit Rs 750 crore in the SEBI-Sahara refund account.

A bench headed by Chief Justice Dipak Misra observed that the group had on April 19 told the court that they would sell a parcel of the Aamby Valley properties and deposit the amount in the account by May 15 since auctioning would not fetch the desired price.

The bench, also comprising Justices Ranjan Gogoi and A K Sikri, was informed by the counsel representing the official liquidator of the Bombay High Court that the group has failed to deposit the money.

Senior advocate Vikas Singh, appearing for Sahara chief Subrata Roy and the group, also told the bench that they have failed to deposit the amount in the refund account.

"As far as the auction of the property is concerned, the same shall continue as the contemner has failed to deposit Rs 750 crore as suggested by him earlier," the bench said and posted the matter for further hearing on July 12.

During the hearing, the bench sought to know from senior advocate Arvind Datar, who appeared for SEBI, as to what was the total principal amount due which was to be deposited by the Sahara group.

Datar said the total amount was Rs 25,781.23 crore, out of which Rs 14,357 crore principal amount has already been deposited by the group. With interest, the deposited amount would come to around Rs 18,187 crore.

He said approximately Rs 6,500 crore was due which was to be paid by the group.

"He (Sahara) was permitted to sell one parcel (of Aamby Valley) and deposit Rs 750 crore. He has failed. The issue is how to realise the money," the bench observed, adding, "You go ahead with auction of properties which are unencumbered."