Sahara case: Subrata Roy's Aamby Valley development to be auctioned in parts; move may finally attract bidders
Official liquidator, appointed by Bombay HC, is planning to auction Sahara group's Aamby Valley development in parts in absence of buyers for entire project
Supreme Court had on 12 October taken strong exception to the alleged obstruction by the Sahara Group in the Aamby Valley auctioning process and warned that anybody creating any impediment would be liable for contempt and "sent to jail"
No single real estate player in India will be financially in a position to buy the "ultra- exclusive chartered city" as the sector is undergoing a cash crunch now
Only two potential bidders are believed to have shown initial interest for embattled Sahara group's super luxurious Aamby Valley resort town, which has been put up for a Supreme Court ordered auction by the official liquidator at a reserve price of Rs 37,392 crore.
The liquidator has fixed the reserve price for the luxury resort town project at about Rs 37,000 crore, though the group pegs its market valuation at over Rs 1 lakh crore.
The Supreme Court on Monday rejected Sahara chief Subrata Roy's plea seeking two more months to deposit Rs 966.80 crore of the remaining Rs 1,500 crore, saying he was trying to treat the apex court as "a laboratory" to play with the law.
In a jolt to Sahara chief Subrata Roy, the Supreme Court rejected his plea to put on hold the auction process of the group's Aamby Valley property in Pune
Senior advocate Kapil Sibal, appearing for the Sahara group, sought to push back the publication of the sale notice
The Supreme Court bench fixed the matter for further hearing on 11 September
Roy, who was present in courtroom today, had told the court that he will pay Rs 1,500 crore on or before 15 June and Rs 552.22 crore exactly a month thereafter.
Fresh trouble for Sahara: Aamby Valley gets Rs 24,647 cr I-T notice, biggest tax penalty on any corporate
The penalty indicating tax evasion attempts made by the company comes at a time when the Supreme Court has ordered auction of Aamby Valley to raise the money the group has to pay back the investors.
The properties, mostly land parcels being auctioned by real estate consultant Knight Frank India
No extension of time will be granted to Sahara Group, the SC said
The Enforcement Directorate now has sought the Supreme Court's nod to attach the group's hotels and four other properties present in overseas destinations
The Supreme Court squeeze on Sahara is likely to land it a rich haul of money held benami
It is the continued game of claim versus counter claim that is bothering the country’s apex court which, probably, doesn’t want any more papers or plans but a final settlement from Roy.
Sahara has infused at least Rs 1,500 crore ($221 million) from two of its credit cooperatives into the Aamby Valley resort project through investments in preference shares
The bench had said a retired judge of the apex court, who was appointed to oversee the action taken by Sebi against the Group, would be the chairman of the receiver.