The sale of the Aamby Valley project spread over about 8, 9 00 acres was to be done in the part because the entire project had not got any buyers
The Supreme Court has said on Wednesday that the auction process of Sahabi’s Amby Valley project will continue in Maharashtra as the group has failed to deposit Rs 750 crore in SEBI–Sahara refund account.
This decision has come to the bench of Chief Justice Chief Justice Deepak Mishra, Justice Ranjan Gogoi and Justice AK Sikri recently, when the official liquidator has said that the group has not deposited Rs. 750 crore in the refund account.
Determining the date of the next hearing of the matter, the Bench said, “As far as the auction of the property is concerned, the group has not deposited Rs 750 crore. Therefore it will continue, as has been suggested earlier on their behalf. “
Earlier on April 19, the Bench had given Sahara Group permission to sell a piece of land from the Ambli Valley City project in Maharashtra and to deposit the amount received from it in the SEBI Sahara Refund account by May 15.
The sale of the Aamby Valley project spread over 8, 9 00 acres was to be done in the part because there was no buyer for the entire project. In its report, the official liquidator had earlier said that the auction process of the Aamby Valley project has begun, where the bids will be received from May 21 and the auction process will start from June 2.
By:- Abhay kushwaha