TIL Desk/Business/New Delhi/ The Supreme Court has said the process for the auction of Sahara’s Aamby Valley project in Maharashtra will continue after the group failed to deposit Rs 750 crore in the SEBI-Sahara Refund Account.
The order by a bench of Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri came after the official liquidator said that the Sahara Group has not deposited Rs 750 crore in the refund account.
Posting the matter for July 12, the bench said: “As far as the auction of the property is concerned, the same shall continue as the contemner has failed to deposit Rs 750 crore, as suggested by him earlier.”
The bench on April 19 had said that the group had time till May 15 to sell its property and if it fails to do so, the Bombay High Court’s official liquidator will proceed with the proposed auction process to sell the same.
Spread over 8,900 acres, the Aamby Valley property is to be sold by splitting it into saleable parcels of land as there were no takers for the purchase of the entire real estate project.
