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SC: Sahara can start its Aamby Valley operations, official liquidator removed

July 15, 2018

The Supreme Court has agreed to remove the receiver & the official liquidator from Aamby Valley.

Sahara Aamby Valley at Pune
Sahara Aamby Valley at Pune

Apex Court ordered that all the documents & papers pertaining to the valley be given back to Sahara & that the company can now start its operations, the Sahara lawyer said.

Adv. Vikas Singh said that Sahara was paying its liability for the 2nd time & stated that Sebi already had about ₹20,000 crore of the group. He said, “When this court has directed Sebi for verification, why Sebi isn’t starting the verification process? Let Sebi start verification of investors. Once verification is done, Sahara would get back the said amount with interest.”

Sahara’s lawyer argued that police security for its directors should be withdrawn. On which Sebi strongly objected & said they were under parole. The bench observed, “Sahara has deposited ₹20,000 crore, do you think they’ll run away for a few thousands crores?”

On Thursday, markets regulator Sebi had told the Supreme Court that the Sahara group’s flagship property, the Aamby Valley project in Maharashtra, had failed to get any response from prospective buyers despite ample publicity of the intent to sell the luxurious properties.

The official liquidator (OL) of the Bombay HC also told a bench headed by CJI Dipak Misra that the auctioning process of the prized Aamby Valley properties has been put off. The SC in February had allowed Aamby Valley, the township near Pune, to be split into small parcels of land as there were no takers for the purchase of the entire township.

Spread over 8,900 acres, Aamby Valley is Sahara’s flagship project comprising luxury resorts & an airport, and valued at around ₹38,000 crore.

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