No bidders for Sahara’s Aamby Valley, auction has failed, SC told

New Delhi :  The Supreme Court on Thursday was told that the auction of Sahara group’s flagship project Aamby Valley in Maharashtra has failed as there were no bidders in response to the notice inviting tenders.

The Bombay High Court’s official liquidator in his report told the bench comprising Chief Justice Dipak Misra, Justice Ranjan Gogoi and Justice A.K.Sikri that there were no bidders in pursuance to its notice inviting bids.

With the auction of Sahara’s Aambay valley off the table, the court on Thursday discharged Bombay High Court’s official liquidator who was asked to sell the Aamby valley.

The top court had on April 16, 2017, asked the official liquidator to evaluate and auction the Aamby Valley property of the Sahara group to recover the money it has to pay to market regulator Sebi for returning to the investors from whom two group companies had raised it in 2007 and 2008.

Meanwhile, the court on Thursday permitted Sahara to sell its Vasai property to Sai Rydam and Prime Downtown Real Estate Developers for Rs 982.80 crore.

As the counsel appearing for Sai Rydam and Prime Downtown Real Estate Developers handed over a cheque of Rs 100 crore to the counsel for Sebi, the court directed the firm to deposit Rs 200 crore by July 24, another Rs 200 crore by August 15 and the balance amount by September 12 as it fixed next date of hearing on September 13.

Senior counsel Vikas Singh who appeared for Sahara informed the court that one of the two hotels in New York has been sold and the proceeds from its sale have gone to Bank of China towards the payment of loan taken from it for purchasing the two hotels.

The court then directed that all the details of the sale of the hotel including payments made to Bank of China would be filed before the court in an affidavit. It also asked Sahara to tell on what basis the hotel was sold.

As Sahara chief Subrata Roy urged the court that he may be allowed to do the business, the court said: “Let this money come, then we will have sympathy for you.”

Sahara companies’ Sahara India Real Estate Corporation Ltd (SIRECL) and Sahara Housing Investment Corporation Ltd (SHICL) had raised Rs 24,000 crore through optionally fully convertible debentures.

The top court, by its August 31, 2012, order directed Sahara to refund this amount along with 15 per cent interest.

The group has already given a part of the money to SEBI, that is parked in the SEBI-Sahara Refund Account.

On August 10, 2017, the apex court had declined the plea of Roy to put on hold the auction of Aamby Valley and allowed the liquidator to go ahead with the auction.

Published on: July 12, 2018 at 21:10 IST

IANS