Health Care

Sebi moves SC against Sahara for alleged blocking of Aamby Valley sale

Sebi moves SC against Sahara for alleged blocking of Aamby Valley sale”

On Thrusday, Supreme Court has given a verdict regarding the auction of Sahara's Luxurious Aamby Valley Project.

The Supreme Court on Thursday directed the director general of police of Maharashtra to ensure that Sahara Group's flagship property Aamby Valley was handed over to the court-appointed official liquidator within 48 hours.

The bench said by Taking exception of the letter written by the company that it would not tolerate any interference by any group official in the auction process and a person would be sent to jail for such activity.

It claimed that suspension of business activities would create a law and order problem in the area and cause difficulties in carrying out the auction process.

Taking note of SEBI's allegation in this regard, a bench headed by Justice Dipak Misra said the group should not have entered into a communication with Pune's Superintendent of the Police (Rural) on the issue since the auction has been ordered by the top court. If any other circumstances, the official liquidator shall also take guidance from Justice A S Oka, who is a now sitting Judge of the Bombay High Court.

He will function under the Company Law Board judge and a High Court judge. "But because of the Sahara letter and the police takeover, they backed out", Datar told the court.Mukul Rohatgi, appearing for Sahara, said the regulator's claims were incorrect and pleaded the court to provide an opportunity to explain his position.

"Our order has been violated".

Calling it an "orchestrated attempt" by Sahara, senior counsel Arvind Datar, appearing for Sebi, argued that the letter was written on September 28, six days before the auction process was to be completed.

The top court directed the auction of Aamby valley to recover money that Sahara's group has to pay the marker regulator Securities and Exchange Board of India (SEBI) for returning investors money that its two companies SIRECL and SHICL had raised from investors in 2007 and 2008. "We don't intend to hear you today".

Sahara group has already given a part of the money to SEBI that is being parked in SEBI-Sahara Refund Account.

Like this


13 October 2017
'You don't appreciate him' - Bilic slams Hart hate
But Bilic disagrees and says Hart's recent performances for the Three Lions have been outstanding. Slaven Bilic believes West Ham keeper Joe Hart is getting a tough ride from the English media.

13 October 2017
(COG) Stake Lowered by Mengis Capital Management Inc
The current P/B amount of Cabot Oil & Gas Corporation best indicates the value approach in differentiating good from the bad. Parallel Advisors LLC increased its position in shares of Cabot Oil & Gas Corporation by 1.4% during the second quarter.

13 October 2017
Delphi Automotive plc Ordinary Shares (NYSE:DLPH) Loses "Buy" Rating
The institutional investors in our partner's database now hold: 249.87 million shares, up from 242.86 million shares in 2017Q1. Gyroscope Capital Management Group LLC lifted its stake in shares of Delphi Automotive PLC by 4.2% in the second quarter.

13 October 2017
Jane Fonda Admits She Knew About Weinstein Rumors And Stayed Silent
Fonda, an Academy Award victor , spoke to Amanpour about her own past experiences with sexual harassment and abuse. The movie producer denies the charges and released a statement earlier this week, through a representative.

13 October 2017
Bearish IEA Demand Outlook Could Pressure Prices
Platts survey showed analysts expecting a draw of 1.4 million barrels in gasoline and a draw of 1.64 million barrels in distillate stocks.

13 October 2017
Samsung preparing for Bixby 2.0 next week
His appointment is seen by some industry watchers as a virtual replacement of the head of Bixby development. Bixby 2 .0 will reportedly offer deeper third-party integration and move the assistant beyond smartphones.

13 October 2017
Packers RB Ty Montgomery appears on track to play vs. Vikings
He's earned the right to have more opportunities and move forward, and that's not lost in how we plan and we go [forward]. Even if Montgomery returns for Sunday's game at Minnesota, McCarthy will have a hard time keeping Jones off the field.

13 October 2017
TCU Looks To Stay Unbeaten In Trip To Kansas State
Against the Red Raiders, the Jayhawks were crushed by over 600 yards on offense, 313 of which came on the ground on 52 attempts. This was evident in their 40-34 loss to Texas as the Longhorns limited the Wildcats' potent running attack to only 140 yards.

13 October 2017
Nagarjuna's Raju Gari Gadhi 2 — Twitter Review
It will also be fascinating to the see dynamics onscreen considering that Nagarjuna is a mentalist and Samantha is the ghost. The comedic and family touch Vennela Kishore, Shakalaka Shankar, Ashwin and Pravin essay key roles in the film.

13 October 2017
Jordan not a fan of National Basketball Association 'superteams'
On Tiger Woods , and the advent of social media: "Tiger played at his peak somewhere towards the end of my career". That's what they think. "Yeah, okay, but the effort was there, and the learning curve and the passion was there".