Worldwide

Sahara's Aamby Valley up for sale for Rs 37392 cr reserve price

Sahara's Aamby Valley up for sale for Rs 37392 cr reserve price”

The Official Liquidator of the High Court for the Aamby Valley City in the twin hill stations of Lonavala-Khandala has set a reserve price of Rs 37,392 crore as part of efforts to partially recover the Sahara Group's pending dues to various lenders and investors.

The public auction of these properties would be on "sale/lease" basis on an "as-is-where-is-whatever-there is" of the Aamby Valley City, around 90 km from Mumbai. The notice by the official liquidator has pegged the reserve price of the property at Rs 37,392 crore.

However, market sources claim the actual prevalent market prices of these properties, including the constructions, amenities, world-class infrastructure and the goodwill, could be at least thrice the reserve price or in excess of Rs 100,000 crore. Three days earlier, the Supreme Court had dismissed the Sahara Group's plea to postpone the auction of the property. The Sahara group pegs the market valuation of this project at over Rs 1 lakh crore.

Sahara group has been wanting to prevent the auction of the Aamby Valley Project.

Aamby Valley City Development is spread over 6,761 "undulating acres of verdant expanse, is nested amidst picturesque environs of the great Sahyadri Mountain range", as quoted by NDTV Profit.

According to a PTI report, big corporate houses such Tatas, Godrej, Adani and Patanjali apart from real estate developers including Omaxe and Eldeco have shown interest in buying Sahara group's 30 properties.

The group had asked the court to postpone the auction, which was scheduled to start with publication of a notice on August 14, till September 16 to enable Sahara group chief Subrata Roy arrange the money. "After hearing counsels for Sebi (Securities and Exchange Board of India), amicus curie and Kapil Sibal, senior advocate for Sahara, the Supreme Court has opened a window for Sahara by permitting them to enter into the negotiations and deposit the amount before this court, and that is Rs1,500 crore to be deposited before the next date", he said.

According to Awasthi, it was said by the judge that if Rs 1,500 crore is deposited, then auction order will be withdrawn.

However, senior advocate Arvind Datar, representing the SEBI, opposed the proposal of the Sahara chief saying that every time a process starts, the group came up with some objection in order to delay the process. The SEBI-SAHARA account was created for the money Sahara group was asked to deposit with the regulator for further refund to the bondholders from which the group had raised money. The Sahara Group has to repay around Rs 9,000 crore balance amount of the principal amount of Rs 24,000 crore. Roy has been on "parole" since May last year after spending more than two years in jail.



Like this

loading...
loading...

Latest


15 March 2018
Server Requirements for Mass Mailing
The first means that the error occurred on the receiving side: maybe the client's account was blocked, or something else happened. Running your own email server may sound like a science fiction, and it may seem that it’s impossible to handle such thing.

14 August 2017
Guam tourism sees silver lining in North Korean threats
The reason why Kim Jong Un chose Guam as the starting point of a nuclear war is that the small island hosts an American military base.

14 August 2017
Latest Update On The Jarryd Hayne And Neil Henry Saga
Titans powerbrokers could not decide what course of action to take during a three-hour meeting and will reconvene at a later date. Hayne told media he did not speak to with Henry during the week leading up to the Tians' 42-16 loss to the Dragons on Friday.

14 August 2017
Model Chloe Ayling spent six days in THIS bedroom 'with kidnappers'
She chose to go along with it to avoid any kind of conflict, followed him blindly, went into the shoe shop. Despite describing her ordeal in detail this morning the majority of people were not buying her story...

14 August 2017
Could This Person Be Jon Snow's Father?
During this time, the King's son, Rhaegar Targaryen , married to Elia Martell , sister of Oberyn Martell, AKA The Viper. Not only is there another Targaryen in the fold, but Jon Snow also has the stronger claim when all's said and done.

14 August 2017
Trump Pressures China On Trade; Executive Action Expected Monday
Pyongyang this week threatened to fire missiles near the US territory of Guam during an exchange of bellicose rhetoric with Trump. Trump has said he would be more amenable to going easy on Beijing if it were more aggressive in reining in North Korea .

14 August 2017
Protect eyesight during solar eclipse
Pinhole viewers create a reflection of the eclipse by filtering the light through a small opening. They are offering refunds to customers who might have purchased unsafe glasses.

14 August 2017
Are Orlando Bloom and Katy Perry back on again?
Also, it is worth noting that it is not the first time that they have been spotted together after their breakup in February . They were seen kissing and cuddling while listening to the music.

14 August 2017
World's biggest volcanic cluster discovered in Antarctica
We had not expected to find anything like that number", Bingham told The Guardian . One of the volcanoes is nearly 4,000 meters high.

14 August 2017
GoDaddy tells neo-Nazi site behind Virginia rally to find another domain
Instead, the hacking collective suggested it might be an elaborate stunt by The Daily Stormer and its publisher, Andrew Anglin. Hours after the statement, a post on The Stormer said it had been taken over by hacktivist group Anonymous.