The Supreme Court on Wednesday allowed the official liquidator and receiver in the Securities and Exchange Board of India-Sahara case to auction the saleable property of Aamby Valley till April 19 in order to complete the auction process, ANI reported. The next hearing in the case is on April 12, according to Bar and Bench.
The Sahara Group has been embroiled in a lengthy court battle with the Securities and Exchange Board of India, or SEBI, over a case involving a Rs 24,000-crore refund to investors.
In October 2017, SEBI told the court that the earlier attempt to auction the property had failed and no bidder had come forward because Sahara chief Subrata Roy and other directors of the company tried to had obstruct the sale.
On November 23, 2017, the Supreme Court ordered fresh auction of the Aamby Valley city project in Pune district. The bench said the auction must start on December 1 and be completed within eight weeks.
The court also warned Roy against interfering with the auction process again and said he will be jailed if he tried to obstruct the sale of Aamby Valley. The bench also ordered the Bombay High Court’s official receiver to take control of and manage the property.