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

Latest


13 October 2017
Texas A&M potentially looking at Penn State's James Franklin
Perhaps that's the main thing we can glean from this report, which, to be clear, does not even say Texas A&M *will* go after Franklin.

13 October 2017
China Exports Rise Less Than Expected In September
In dollar terms, exports climbed 8.1% year-over-year in September, below economists' forecast for an increase of 10.0%. Estimates, growth in export and import volumes picked up to 6.7% year-on-year and 13.6% respectively.

13 October 2017
Blackhawk Network (HAWK) Gets Raymond James Lower Rating; BB&T Has 1.16 Sentiment
The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link . With a total market value of 0 GBX, Blackhawk Network has with a one year low of 0.45GBX and a one year high of 1.70GBX.

13 October 2017
Sasikala returns to Bengaluru jail after five-day parole
Shashikala further halted her vehicle at a Ganesha temple and she would offer prayers from her vehicle as Jayalalithaa used to do. The stringent conditions on which she was granted parole thwarted her from pursuing any (palpably) political pursuits.

13 October 2017
Tallahassee residents sound off on Boy Scouts accepting girls
Earlier this year, the church announced that it would stop participating in two Boy Scouts programs for teenagers. Girls will be allowed to take part in female-only cub scout dens using a similar curriculum starting next year.

13 October 2017
HDFC Bank Limited (HDB) Position Trimmed by Parametric Portfolio Associates LLC
Piper Jaffray reinitiated American Express Company (NYSE:AXP) on Wednesday, November 25 with "Neutral" rating. Menta Capital Ltd Liability Company stated it has 10,939 shares. 13,113 are owned by Kames Public Ltd Co.

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
Launch of Russian Cargo Mission Scrubbed
A blog post from NASA said , " Roscosmos technicians in Baikonur are analyzing the cause of the scrubbed launch". EDT (09:32 GMT) Oct. 12, 2017, from Site 31 at the Baikonur Cosmodrome in Kazakhstan.

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
Cowboys reveal reason for Stephen Paea's sudden retirement
Or it could simply be a move to sure up a positional group that's had more than it's fair share of injury concerns as of late. Dallas Cowboys defensive tackle Stephen Paea has informed the club that he will retire, according to multiple reports.



Recommended