Supreme Court orders to attach Aamby Valley city of Sahara Group

Photo of Sahara Group chief Subrata Roy Sahara.

New Delhi: Giving a big setback to Sahara Group today the Supreme Court has ordered to attach property of Aamby Valley city of the group in Pune.

The Apex Court today attached Sahara group’s Aamby Valley property in Pune for the recovery of Rs 14,799 crore that the group’s two companies involved in real estate have to pay investors.

The bench of Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K. Sikri also directed Sahara to submit a list of its properties which are free from any charges by February 20th.

Sahara in the meanwhile deposited Rs 600 crore as directed by the Centre by its November 28, 2016, order for continued parole of Subrata Roy and others.

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The apex court also asked Sahara to provide a list of unencumbered properties by February 20. These properties would be put to public auction to release the balance money.

The group has so far paid a little over Rs 11,000 crore and had sought time till July 2019 to deposit the balance of Rs 14,779 crore with the SEBI. It has deposited a little over Rs 600 crore with SEBI on Monday.

However, the court said that the repayment road-map extending till July 2019 is too long and it wanted to auction the properties to release the dues.

The SC is going to take the issue in its next hearing on February 27th.

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