Supreme Court raps Sahara group over failure to deposit money, orders auction of Aamby Valley

Posted on:17 Apr 2017 16:11:39
Supreme Court raps Sahara group over failure to deposit money, orders auction of Aamby Valley
17 April 2017 Current Affairs: The supreme Court Compelled to take strict action following the Sahara group’s non-submission of over Rs 5,000 crore, the Supreme Court on Monday directed the sale of the group’s luxurious Aamby Valley at Lonavala and appointed Bombay High Court’s official liquidator for selling the property. The apex court also asked the group’s chief Subrata Roy to personally appear before it on April 28.Taking strong objection of the group’s non-compliance of the court’s order, a bench comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri said, “Enough is enough. You cannot say something today and resile tomorrow.The Aamby Valley properties are estimated to be worth Rs 34,000 crore. Earlier this month, the top court had warned the Sahara Group that it would be forced to auction its property in Maharashtra if it fails to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17.The court also warned Roy that he will be at his own peril if continues to not comply with its order. The bench further asked Roy and his groups as well as SEBI to provide all necessary details relating to the properties to the official liquidator within 48 hours.
The supreme Court Compelled to take strict action following the Sahara group’s non-submission of over Rs 5,000 crore, the Supreme Court on Monday directed the sale of the group’s luxurious Aamby Valley at Lonavala and appointed Bombay High Court’s official liquidator for selling the property. The apex court also asked the group’s chief Subrata Roy to personally appear before it on April 28.Taking strong objection of the group’s non-compliance of the court’s order, a bench comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri said, “Enough is enough. You cannot say something today and resile tomorrow.The Aamby Valley properties are estimated to be worth Rs 34,000 crore. Earlier this month, the top court had warned the Sahara Group that it would be forced to auction its property in Maharashtra if it fails to deposit Rs 5092.6 crore in SEBI-Sahara refund account by April 17.The court also warned Roy that he will be at his own peril if continues to not comply with its order. The bench further asked Roy and his groups as well as SEBI to provide all necessary details relating to the properties to the official liquidator within 48 hours.

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