Sahara Obstructing Aamby Valley Auction, SC Notified

Aamby Valley Resort owned by the Sahara Group.

(Photo Courtesy: Official Website of Aamby Valley Resort)

Capital market regulator SEBI notified the Supreme Court for contempt against conglomerate Sahara, alleging that Sahara is trying to block the auction of their Rs 37,390 crore Aamby Valley, reported NDTV.

Sahara is obstructing the auction of Aamby Valley ordered by the court. We seek contempt action against Sahara. The petition may be listed for hearing.

Pratap Venugopal, SEBI’s Lawyer

This feud comes about a month after the Supreme Court rejected Sahara’s plea to stop the auction of its project. Aamby Valley is located near Pune and is spread over 8,900 acres. The Aamby Valley is Sahara's flagship project, comprising luxury resorts and an airport, and valued at around Rs 38,000 crore.

SEBI, in their petition, claimed that Sahara declared a lockout on its project just a few days before the auction. Sahara claimed that they had run out of money to take care of the maintenance and security of the valley and hence, asked the police to take over.

Now with the police taking over, the auction isn’t going to be something to look forward to, the capital market regulator said in the petition.

Subrata Roy, chairman of Sahara group has spent almost two years in jail. He has been on parole since May 2016, which had been granted to him for attending his mother’s funeral. However, it kept on extending since.

Roy was arrested in 2014 for the failure of two of his companies to comply with the court's 2012 order to return Rs 24,000 crore to his investors.