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

ANI  |  New Delhi [India] 

The on Wednesday ordered to continue the auction process of Sahara's 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 asked Sahara to sell one of its portions or parcel of project and deposit the money accrued through it with the Sahara- (SEBI) refund account.

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

The SEBI, the market regulator, had alleged that the company's Chairman, had allegedly failed to comply with the 2012 order which directed him to return investors more than Rs 20,000 crores with 15 percent interest as his two companies-- Sahara 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 for allegedly obstructing the process of auctioning its property in Pune's Lonavala.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, May 16 2018. 18:05 IST