Business News

Supreme Court suspends auction of Sahara Group’s Aamby Valley due to lack of prospective buyers

The court asked two firms willing to purchase another property of the beleaguered company to deposit Rs 1,000 crore before the next hearing in the case.

The Supreme Court on Thursday put off the auction of Sahara Group’s Aamby Valley property after the Bombay High Court’s official liquidator told the court there are no prospective buyers, PTI reported. In February, a bench headed by Chief Justice of India Dipak Misra allowed a court receiver to take over the property and auction it so that Sahara’s creditors can be paid.

The Sahara Group has been embroiled in a lengthy court battle with the Securities and Exchange Board of India over a case involving a Rs 24,000-crore refund to investors. Several attempts to auction Aamby Valley have failed before.

The top court directed two firms – Sai Rydam Realtors Private Limited and Prime Down Town Real Estate Private Limited – to deposit Rs 1,000 crore in the joint account that Sahara operates with the market regulator. The order was issued after Sahara told the court that the firms were willing to purchase its property in Vasai town near Mumbai.

The court asked the two companies to deposit a demand draft of Rs 99 crore on Thursday and Rs 200 crore by August 15. The remaining Rs 682.6 crore should be deposited by September 12, failing which the two firms will be tried for contempt of court and the money already deposited will be forfeited, the judges said.

The case will be next heard on September 12, ANI reported.

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