In a major setback for Sahara Chief Subrata Roy, the Supreme Court has ordered the auction of Aamby Valley on Monday. The auction is likely to recover Rs 5000 crore dues. Aamby valley which is a township in Pune is valued at Rs 35,000 crore. The apex court has also ordered Sahara Group’s Subrata Roy to appear before the court in the next hearing on April 28.
The order of auctioning has come after the apex court on April 6 had announced that if Subrata Roy fails to deposit Rs 5000 crore till April 17 then the Amby valley township will be auctioned. The SC in that hearing had also refused to extend the date for returning the dues as asked by the Sahara group.
For a long time, a standoff has been going on between Securities and Exchange of India (SEBI) and Roy over the non-payment of money to various investors.
SC orders auction of Sahara's Aamby Valley over the business conglomerate's alleged failure to deposit money for refunding to its investors pic.twitter.com/7NiydbNZvE
— ANI (@ANI_news) April 17, 2017
Subrata Roy had earlier requested the apex court to grant him six more months as selling off his properties is underway, however, Court refused to give more time.
Sahara Housing Finance Corp Ltd and Sahara India Real Estate Corp Ltd two companies of Sahara Group collected Rs 17, 400 crores after as many as three crore investors invested in the scheme. After market regulator SEBI found irregularities. After SEBI found some irregularities it went to Supreme Court which ordered two companies to return Rs 36, 000 crores to the investors.