SEBI-Sahara case: SC allows auction of saleable Aamby Valley property

New Delhi: The Supreme Court on Wednesday allowed the official liquidator and receiver in the Securities and Exchange Board of India (SEBI)-Sahara case to auction the saleable property of Aamby Valley till April 19 in order to complete the auction process.

The liquidator told the Apex Court that two big corporate houses; Mahindra and Piramal groups have expressed their interest in purchasing a certain portion of the Aamby Valley property.

The Sahara Group has been embroiled in a lengthy court battle with the SEBI, over a case involving Rs 24,000-crore refund to investors.

In October, 2017, the SEBI moved the top court, seeking contempt proceedings against the Sahara Group for allegedly obstructing the process of auctioning its Aamby Valley property in Pune, initiated on court's direction.

The SEBI mentioned the matter before a bench headed by Justice Ranjan Gogoi for urgent hearing, saying the auction process was to start from Tuesday but Sahara Group has been "obstructing" it by allegedly suspending day-to-day business activities of the project.

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.

Aamby Valley property auction process was to start from Tuesday but the SEBI said Sahara Group was "obstructing" it by allegedly suspending day-to-day business activities of the project.