SC warns against obstruction of Aamby Valley auction

Leslie Hanson
October 13, 2017

The bench of Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri directed the Director General, Maharashtra Police to release the Aamby valley property to the Bombay High Court's official liquidator who would auction it.

The Supreme Court (SC) handed over the reigns of Aamby Valley to the official liquidator- the Bombay High Court, after the market regulator Securities and Exchange Board of India (SEBI) accused Sahara of obstructing the its auctioning process.

Supreme Court also added that, the OL shall also take "guidance" from HC judge justice AS Oka and both the judges shall "work in harmony" so that the auctioning process goes on smoothly. It said the resort was going through its "worst-ever" phase.Claiming that it feared a law-and-order situation due to the impending lockout, it requested the police to take over the property, spread over thousands of acres off Lonavla in the Pune-Mumbai highway.Sebi counsel Arvind Datar argued that the letter was written on September 28, six days before the auction process was completed and called it an "orchestrated attempt".

However, several real estate consultants had argued that it would be nearly impossible for any single real estate player in India to buy such a huge property, a hill resort town in Maharashtra where a number of high profile celebrities are said to have invested.

Aamby Valley property auction process was to start from Tuesday but SEBI said Sahara Group has been "obstructing" it by allegedly suspending day-to-day business activities in the project.

As senior counsel Mukul Rohatgi, appearing for Sahara chief Subrata Roy told the court that the "completely wrong statements were being made by Sebi to prejudice the court", the court dismissed his arguments. We don't want to hear you today. He said, "no bidder has come... I have not halted anything and have not given property to the police", he said.

The apex court was irked when SEBI claimed that the group had allegedly obstructed the process by writing a letter to the Pune police raising the issue of law and order at the prime property.

On Thrusday, Supreme Court has given a verdict regarding the auction of Sahara's Luxurious Aamby Valley Project.

Other reports by Iphone Fresh

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