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.

Support our journalism by subscribing to Scroll+ here. We welcome your comments at letters@scroll.in.
Sponsored Content BY 

Get ready for an 80-hour shopping marathon

Here are some tips that’ll help you take the lead.

Starting 16th July at 4:00pm, Flipkart will be hosting its Big Shopping Days sale over 3 days (till 19th July). This mega online shopping event is just what a sale should be, promising not just the best discounts but also buying options such as no cost EMIs, buyback guarantee and product exchanges. A shopping festival this big, packed with deals that you can’t get yourself to refuse, can get overwhelming. So don’t worry, we’re here to tell you why Big Shopping Days is the only sale you need, with these helpful hints and highlights.

Samsung Galaxy On Nxt (64 GB)

A host of entertainment options, latest security features and a 13 MP rear camera that has mastered light come packed in sleek metal unibody. The sale offers an almost 40% discount on the price. Moreover, there is a buyback guarantee which is part of the deal.

Original price: Rs. 17,900

Big Shopping Days price: Rs. 10,900

Samsung 32 inches HD Ready LED TV

Another blockbuster deal in the sale catalogue is this audio and visual delight. Apart from a discount of 41%, the deal promises no-cost EMIs up to 12 months.

Original price: Rs. 28,890

Big Shopping Days price: Rs. 10,900

Intel Core I3 equipped laptops

These laptops will make a thoughtful college send-off gift or any gift for that matter. Since the festive season is around the corner, you might want to make use of this sale to bring your A-game to family festivities.

Original price: Rs. 25,590

Big Shopping Days price: Rs. 21,900

Fashion

If you’ve been planning a mid-year wardrobe refresh, Flipkart’s got you covered. The Big Shopping Days offer 50% to 80% discount on men’s clothing. You can pick from a host of top brands including Adidas and Wrangler.

With more sale hours, Flipkart’s Big Shopping Days sale ensures we can spend more time perusing and purchasing these deals. Apart from the above-mentioned products, you can expect up to 80% discount across categories including mobiles, appliances, electronics, fashion, beauty, home and furniture.

Features like blockbuster deals that are refreshed every 8 hours along with a price crash, rush hour deals from 4-6 PM on the starting day and first-time product discounts makes this a shopping experience that will have you exclaiming “Sale ho to aisi! (warna na ho)”

Set your reminders and mark your calendar, Flipkart’s Big Shopping Days starts 16th July, 4 PM and end on 19th July. To participate in 80 hours of shopping madness, click here.

Play

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