Business News

Sahara is obstructing the auction of its Aamby Valley project, Sebi tells Supreme Court

The court had earlier ordered that the property be attached and sold in order to recover dues worth Rs 24,000 crore from Sahara.

Capital markets regulator Securities and Exchange Board of India told the Supreme Court on Tuesday that the Sahara Group was obstructing the auction of its project in Aamby Valley city in Pune district, Mint reported. The court had ordered the project be attached in order to recover dues from the company.

The court said the matter will be forwarded to Chief Justice Dipak Misra who will decide on the case.

On August 14, the Bombay High Court had put up the prime property’s reserve price at Rs 37,392 crore for the public auction. The reserve price is the minimum price at which a seller is willing to sell his item at an auction. The seller can lower, but cannot increase the reserve price.

On August 9, Sahara’s advocate Kapil Sibal had requested the Supreme Court to stay the auction, saying that the company would pay Rs 1,500 crore of its dues. However, the court said it did not believe Sahara would actually pay the amount. The bench told the company that it would pass an “appropriate order” if Rs 1,500 crore was paid by September 7.

The Aamby Valley case

The Sahara Group has been embroiled in a lengthy court battle with Sebi over a case involving a Rs 24,000-crore refund to investors.

On February 6, the Supreme Court had ordered the attachment of Aamby Valley to recover dues from the company. The prime property is worth more than Rs 39,000 crore.

The court had extended Sahara chief Subrata Roy’s parole after the company deposited Rs 600 crore with Sebi. Sahara had acknowledged that it owed Rs 14,000 crore as principal money to Sebi, but the top court had denied its offer to clear its dues by July 2019.

The bench, led by Chief Justice Dipak Misra, had ordered the attachment to fast-track the recovery of dues the company owes investors. It had also asked Sahara to provide a list of properties that were free from litigation and mortgage so the information could be released to the public. The court said that it would focus on repayment of the principal amount before ensuring that the group repaid the interest.

We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Bringing your parents into the digital fold can be a rewarding experience

Contrary to popular sentiment, being the tech support for your parents might be a great use of your time and theirs.

If you look up ‘Parents vs technology’, you’ll be showered with a barrage of hilariously adorable and relatable memes. Half the hilarity of these memes sprouts from their familiarity as most of us have found ourselves in similar troubleshooting situations. Helping a parent understand and operate technology can be trying. However, as you sit, exasperated, deleting the gazillion empty folders that your mum has accidentally made, you might be losing out on an opportunity to enrich her life.

After the advent of technology in our everyday personal and work lives, parents have tried to embrace the brand-new ways to work and communicate with a bit of help from us, the digital natives. And while they successfully send Whatsapp messages and make video calls, a tremendous amount of unfulfilled potential has fallen through the presumptuous gap that lies between their ambition and our understanding of their technological needs.

When Priyanka Gothi’s mother retired after 35 years of being a teacher, Priyanka decided to create a first of its kind marketplace that would leverage the experience and potential of retirees by providing them with flexible job opportunities. Her Hong Kong based novel venture, Retired, Not Out is reimagining retirement by creating a channel through which the senior generation can continue to contribute to the society.

Our belief is that tech is highly learnable. And learning doesn’t stop when you graduate from school. That is why we have designed specific programmes for seniors to embrace technology to aid their personal and professional goals.

— Priyanka Gothi, Founder & CEO, Retired Not Out

Ideas like Retired Not Out promote inclusiveness and help instil confidence in a generation that has not grown up with technology. A positive change in our parent’s lives can be created if we flip the perspective on the time spent helping them operate a laptop and view it as an exercise in empowerment. For instance, by becoming proficient in Microsoft Excel, a senior with 25 years of experience in finance, could continue to work part time as a Finance Manager. Similarly, parents can run consultation blogs or augment their hobbies and continue to lead a fulfilling and meaningful life.

Advocating the same message, Lenovo’s new web-film captures the void that retirement creates in a person’s life, one that can be filled by, as Lenovo puts it, gifting them a future.

Play

Depending on the role technology plays, it can either leave the senior generation behind or it can enable them to lead an ambitious and productive life. This festive season, give this a thought as you spend time with family.

To make one of Lenovo’s laptops a part of the family, see here.

This article was produced on behalf of Lenovo by the Scroll.in marketing team and not by the Scroll.in editorial staff.