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.



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