The Supreme Court (SC) today issued a stern warming to the Sahara Group, saying that if the company does not deposit the promised Rs 5092.6 crore by April 17, the court might have to consider the auction of Sahara’s prime property Aamby Valley located near Pune in Maharashtra. The Aamby Valley project is estimated to be currently worth a staggering Rs 39,000 crore. The SC bench comprising Justices Dipak Misra, Ranjan Gogoi and A K Sikri said, “We will auction your Aamby Valley project if the money is not deposited within the stipulated time period as promised.”
The court also directed a realty firm to deposit Rs 750 crore in the SEBI-Sahara refund account rather than the apex court registry to prove that it’s bonafide. This realty firm had earlier expressed its intent to buy Sahara’s stake in New York- based Plaza Hotel for USD 550 million. The court has also asked Sahara Group to provide details of all its properties that can be auctioned. Sahara has to provide this list within two weeks. The court seeks to recover the remaining Rs 14,000 crore that Sahara needs to refund to investors.