Aamby Valley

This land was purchased in benami names with funds diverted from Sahara group entities

Promising that every investor will be repaid, the official said in the last 10 years the group has paid maturity payment of a massive Rs 1.4 trillion to its 57.6 million investors

An earlier attempt to auction the property had failed as no bidder had come forward to bid for it

Sahara has been engaged in a long-running battle with the capital market regulator Sebi

The Sahara Group had moved the apex court and sought to push back the publication of sale notice

Sahara chief has asked SC to put the auction on hold as the group has a payment plan to offer

The group informed apex court that it was in the process of repayment of funds to its investors

The apex court fixed September 11 as the next date of hearing in the case

The Supreme Court, on Thursday, fixed the reserve price for the proposed auction of Sahara group's luxury township Aamby Valley at Rs 37,392 crore and directed the official liquidator to prepare the draft terms and conditions for the sale. The draft terms, to be prepared in consultation with Securities and Exchange Board of India, was to be submitted before the court at the next hearing on June 19. Though Sahara claimed that the circle rates of properties in Aamby Valley was Rs 49,000 crore and the enterprise valuation was Rs 1 lakh crore, the bench of Dipak Misra, AK Sikri and Ranjan Gogoi went by the submissions made by the official liquidator of the Bombay High Court. The valuations based on different methodologies prepared by valuer Techmech International was submitted in a sealed cover to the court. After considering the submissions of the liquidator and consulting with Sebi counsel Arvind Datar and Amicus Curiae Shekhar Naphade, the bench zeroed in on the reserve price, which ..

The value it is able to derive in the auction holds the key to Subrata Roy's peace and happiness

The report further said this will be the biggest tax penalty slapped on any corporate in India.

Orders personal presence of Sahara chief before it on April 28; Bombay HC official is liquidator

SC observed that it had clearly told the group that substantial amount must come in refund account

The resort has been sealed for non-payment of non-agriculture taxes of around Rs 4.50 crore