March 21, 2017 8:46 PM

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Rs 39,000 crore Aamby Valley project to be aunctioned: SC warns Sahara

The Supreme Court today warned the Sahara Group that its Aamby Valley property worth 39,000 crore rupees in Pune will be auctioned if the company fails to deposit 5092 crore rupees with the Securities and Exchange Board of India (Sebi) by 17th of April.<br/><br/>A bench headed by Justice Dipak Misra also directed the international real estate firm, which had shown willingness to buy Sahara's stake in New York-based Plaza Hotel to deposit 750 crore rupees in the SEBI-Sahara refund account instead of the apex court registry to show its bonafide.<br/><br/>The top court had earlier directed attachment of Sahara Group's prime property for realisation of money to be paid to its investors.<br/><br/>The apex court had also asked Sahara Group to provide it within two weeks the list of unencumbered properties which can be put for public auction to realise the remaining over 14,000 crore rupees of the principal amount of around 24,000 crore rupees that has to be deposited in the SEBI-Sahara account for refunding money to the investors.<br/><br/>SEBI moved the apex court in August 2012 to recover 36,000 crore rupees from Sahara to refund investors who bought securities from two group firms.<br/><br/>In 2014, Sahara Group chief Subrata Roy was taken in custody after the conglomerate failed to comply with the court's directions. In an unprecedented move, the court had set Roy's bail at 10,000 crore rupees.<br/><br/>Aamby Valley is Sahara's flagship project consisting of luxury resorts, man-made lakes and an airport. It is spread over 4,000 hectares in Maharashtra.

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