NEW DELHI (TIP): In a setback to Subrata Roy, the Supreme Court on Aug 10 turned down his plea to halt the process for auction of Sahara Group’s flagship property Aamby Valley by the official liquidator of the Bombay High Court.
On behalf of Roy, senior counsel Kapil Sibal told a three-judge Bench headed by Justice Dipak Misra that Sahara was holding negotiations with a foreign company to sell 26% stake in Aamby Valley and requested it to put the auction process on hold. However, the Bench said it would stay the auction process only if Sahara deposited Rs 1,500 crore with SEBI in terms of its earlier order.
The top court’s refusal to stay the process for auction of Aamby Valley – a Rs 34,000- crore real estate – means the liquidator can go ahead with the publication of auction notice on August 14.
In a last ditch attempt to save Sahara group’s flagship property Aamby Valley in Pune district of Maharashtra from being disposed of, the company had on Wednesday moved the top court with a request to halt the entire process on the ground that the company was ready with a new payment plan.